Forex Trade Idea: EUR/USD
Forex Trade Idea: EUR/USD
EUR/USD – 1.3268
Trend : Up
Tenkan-Sen level :1.3269
Kijun-Sen level :1.3242
Ichimoku cloud top :1.3171
Ichimoku cloud bottom :1.3128
New strategy : Stand aside
As the EUR retreated after intra-day rally to 1.3308, suggesting minor consolidation would be seen, but, a break of the Kijun-Sen now at 1.3242 is needed to suggest an intra-day top is formed, a break of 1.3224 support confirms, and bring correction towards the Ichimoku cloud top now at 1.3171, however, the lower Kumo now at 1.3128 would limit the Southside and bring about another rally later.
A move above the resistance at 1.3308 would signal the recent up move from the low at1.2878 is still in progress and may extend further gain towards 1.3343, 100% Fibo projection of 1.2662-1.3127 measuring from 1.2878, there is a near term overbought condition that should prevent sharp move beyond 1.3370-75 and price should fade below 1.3400, risk from there is seen for a strong pullback to take place later.
That being the case, I believe it to be prudent to stand aside for now and look to buy EUR on a pullback.
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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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