Euro (€) / US Dollar ($) (EURUSD) Strategy
Euro (€) / US Dollar ($) (EURUSD) Fx Trade Idea: EUR/USD – Buy at 1.3145
EUR/USD – 1.3200
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level :1.3183
Kijun-Sen level :1.3180
Ichimoku cloud top :1.3142
Ichimoku cloud bottom :1.3115
Original strategy: Buy at 1.3050, Target: 1.3170, Stop: 1.3015
New strategy: Buy at 1.3145, Target: 1.3245, Stop: 1.3110
Although the EUR has risen again after finding support above the Ichimoku cloud top and recent up move from the low at 1.2878 the move is still in progress for further gainer to 1.3245-50 IMO, loss of near term upward momentum will likely dampen a sharp move beyond the resistance at 1.3283, risk from there is for a strong pullback later.
This being the case, I would not chase the rise in here, look to buy EUR on a pullback, below the Kijun-Sen now at 1.3180 would bring minor correction to the Ichimoku cloud top now at 1.3142 where renewed buying interests should come in, bringing on another rally. A clear break below the lower Kumo now at 1.3115 would abort this trade, and signal that a temporary top formed instead and risk correction goes to 1.3075-80, but support at 1.3042 should limit the Southside, bringing on another up move later.
Heffernan Capital Management
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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