Trade Idea Update: EUR/USD – Sell at 1.3005
Candlesticks and Ichimoku Intraday | Dec 10 12 13:20 GMT

EUR/USD – 1.2928

Original strategy : 

Sell at 1.2990, Target: 1.2880, Stop: 1.3025

New strategy  :  

Sell at 1.3005, Target: 1.2900, Stop: 1.3040

Euro's rebound after holding above Friday's low of 1.2878 suggests consolidation above this level would be seen and recovery to the Ichimoku cloud bottom (now at 1.2963) would be seen, however, reckon the upper Kumo (now at 1.3007) would limit upside and bring another decline, break of said support at 1.2878 would extend the fall from last week's 1.3127 high for a deeper correction of recent rise from 1.2662 to 1.2840 (61.8% Fibonacci retracement of 1.2662-1.3127), however, near term oversold condition should prevent sharp fall below previous resistance at 1.2829 and reckon 1.2800 would hold on first testing, risk from there is seen for a rebound later.

In view of this, we are looking to sell euro on further recovery. Only above previous support at 1.3042 (now resistance) would suggest low is possibly formed and risk test of previous resistance at 1.3087 but break there is needed to signal correction from 1.3127 has ended.

IMOH, Clement I
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