Candlesticks Trades

Candlesticks Trades
Trade Idea: EUR/USD – Buy At 1.4536
Saturday, 29 August 2009 22:26 administrator
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Candlesticks Trades | Written by Vnchanger.net | Sep 14 09 8:36 GMT |

EUR/USD – 1.4547

Trend : Up

Tenkan-Sen level : 1.4575
Kijun-Sen level : 1.4483
Ichimoku cloud top : 1.4302
Ichimoku cloud bottom : 1.4292

New strategy

Buy at 1.4536, Target: 1.4606, Stop: 1.4500

Despite rising to 1.4636 last Friday, the retreat from there suggests a temporary top is possibly formed and consolidation below there would take place and pullback to the Kijun-Sen (now at 1.4483) cannot be ruled out, however, renewed buying interest should emerge around 1.4466/67 (38.2% Fibonacci retracement of 1.4191 to 1.4636 and previous support), bring another rally and above said resistance would extend gain towards 1.4688 (50% projection of 1.2457-1.4339 measuring from 1.3747), however, weakening of near term upward momentum should prevent sharp move beyond 1.4700 and reckon price would falter well below 1.4763 (1.618 times projection of 1.4045 to 1.4407 measuring from 1.4177).

In view of the above analysis, we are still looking to buy euro on dips. Only below 1.4407 (another previous resistance) would defer and risk correction to 1.4360/65 but the Ichimoku cloud area (now at 1.4292-1.4302) should hold