Trade Idea : EUR/USD – Stand aside

Trade Idea : EUR/USD – Stand aside

Trade Idea : EUR/USD – Stand aside

EUR/USD – 1.1775
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1763
Kijun-Sen level : 1.1789
Ichimoku cloud top : 1.1823
Ichimoku cloud bottom : 1.1794
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite last week’s strong rebound to 1.1858, lack of follow through buying and the subsequent sharp retreat suggest further choppy trading within recent established range would be seen and weakness to 1.1730 support cannot be ruled out, however, break there is needed to retain bearishness and signal another leg of decline from 1.1880 is underway for weakness to 1.1700 and possibly towards said support at 1.1669.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.1800 would bring recovery to 1.1820-25, however, said resistance at 1.1858 should limit upside and price should falter well below said resistance at 1.1880. Only a break above there would signal another leg of erratic upmove from 1.1669 low is underway for gain to 1.1900-10, then towards 1.1940-50 later. As near term outlook is mixed, would be prudent to stand aside for now.

Author: Action ForexMore from the author

  • Trade Idea : USD/CHF – Buy at 0.9795 – Oct 23 06:07 GMT
  • Trade Idea : GBP/USD – Sell at 1.3285 – Oct 23 06:06 GMT
  • Trade Idea : EUR/USD – Stand aside – Oct 23 06:04 GMT
  • Trade Idea : USD/JPY – Buy at 113.20 – Oct 23 06:03 GMT
  • Trade Idea: GBP/USD – Stand aside – Oct 23 06:00 GMT
  • Trade Idea: GBP/JPY – Buy at 149.50 – Oct 23 05:59 GMT
  • Trade Idea: EUR/JPY – Buy at 133.20 – Oct 23 05:58 GMT
  • Trade Idea: AUD/USD – Hold short entered at 0.7875 – Oct 23 05:56 GMT
  • EUR/USD Candlesticks and Ichimoku Analysis – Oct 23 05:54 GMT
  • USD/JPY Candlesticks and Ichimoku Analysis – Oct 23 05:52 GMT
  • More…

Original Article