Trade Idea : EUR/USD – Buy at 1.1050

EUR/USD – 1.1118

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1100

Kijun-Sen level                  : 1.1055

Ichimoku cloud top             : 1.0972

Ichimoku cloud bottom      : 1.0925

Original strategy  :

Buy at 1.1020, Target: 1.1120, Stop: 1.0985

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1050, Target: 1.1150, Stop: 1.1015

Position : –

Target :  –

Stop : –

As the single currency has continued moving higher after recent rally above previous resistance at 1.1025 (now support), adding credence to our view that recent upmove has resumed and bullishness remains for further gain to 1.1150-55 (1.236 times projection of 1.0839-1.0990 measuring from 1.0965), then towards 1.1175-80, however, near term overbought condition should limit upside and reckon 1.1205-10 (1.618 times projection) would hold from here, bring retreat later.

In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.1050 should limit downside. Below previous resistance at 1.1025 (now support) would defer and suggest top is possibly formed instead, risk test of another previous resistance at 1.0990 first.