Trade Idea Update: EUR/USD - Buy at 1.3130
Candlesticks and Ichimoku Intraday | Jul 17 13 13:34 GMT
EUR/USD - 1.3160
 

Original strategy                           :
Buy at 1.3070, Target: 1.3200, Stop: 1.3035

New strategy  :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095

As the single currency has risen again after intra-day brief retreat, suggesting further gain to 1.3185-90 would be seen, above would bring a retest of last week's high of 1.3208 but break there is needed to confirm the upmove from 1.2755 low has resumed and bring a stronger correction of early decline from 1.3417 to 1.3230-35 but previous resistance at 1.3255 should hold on first testing.

In view of this, we are looking to buy euro on dips but at a higher level as intra-day support at 1.3122 should limit downside. Only below 1.3095 would suggest an intra-day top is formed and prolong choppy trading, risk test of the upper Kumo (now at 1.3076) and then the Ichimoku cloud bottom (now at 1.3062) but reckon downside would be limited to 1.3050 and support at 1.2992 should remain intact.

IMOH, Clement I.
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