EUR/USD – 1.1197
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1188
Kijun-Sen level : 1.1210
Ichimoku cloud top : 1.1240
Ichimoku cloud bottom : 1.1212
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s marginal rise to 1.1268, the subsequent retreat suggests a temporary top is possibly formed and test of support at 1.1161 cannot be ruled out, however, break there is needed to add credence to this view, bring further fall to 1.1130 but reckon downside would be limited to 1.1100-05 (38.2% Fibonacci retracement of 1.0839-1.1268) and price should stay well above support at 1.1076, bring rebound later.
On the upside, whilst recovery to 1.1200 cannot be ruled out, reckon the Kijun-Sen (now at 1.1220) would limit upside and 1.1250 should hold, bring retreat later. Only break of said resistance at 1.1268 would extend recent upmove to extend further gain to 1.1280-85 (61.8% projection of 1.0839-1.1172 measuring from 1.1076) and possibly towards 1.1300-10.
