Analyst Paul Ebeling of www.livetradingnews.com takes a look at EUR/USD
Trade Idea Wrap-up: EUR/USD Buy again at 1.2770
EUR/USD – 1.2818
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level :1.2787
Kijun-Sen level :1.2785
Ichimoku cloud top :1.2798
Ichimoku cloud bottom :1.2759
New strategy: Buy at 1.2770, Target: 1.2870, Stop: 1.2735
Despite intra-day brief drop to 1.2737, the EUR found renewed buying interests there and has staged another strong rise, suggesting the corrective up-move from 1.2662 low is still in progress and may bring a stronger retracement of early decline to 1.2850 and then 1.2876, previous resistance, but I believe the price would falter below 1.2900 due to near term overbought condition.
With this in mind, I am looking to buy EUR on pullback as the Ichimoku cloud bottom now at 1.2759 should limit downside.
Only break of said support would signal top is formed and weakness to 1.2715-20 would follow, but, break of previous support at 1.2691 is needed to confirm the rebound from 1.2662 has ended at 1.2829, then EUR should retest said recent low at 1.2662 which is likely to hold from here.
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