EUR/USD – 1.0700
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0672
Kijun-Sen level : 1.0669
Ichimoku cloud top : 1.0633
Ichimoku cloud bottom : 1.0630
New strategy :
Buy at 1.0675, Target: 1.0775, Stop: 1.0640
Position : –
Target : –
Stop : –
The single currency has surged again after brief pullback and current break of resistance at 1.0670-78 resistance signals the erratic rise from 1.0570 low is still in progress and upside risk remains for further gain to 1.0710 (100% projection of 1.0570-1.0678 measuring from 1.0602), however, near term overbought condition should prevent sharp move beyond 1.0735-38 (1.236 times projection and 50% Fibonacci retracement of 1.0906-1.0570), price should falter well below 1.0775-80 (61.8% Fibonacci retracement, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as the Tenkan-Sen (now at 1.0674) should limit downside. Only below support at 1.0635 would abort and signal an intra-day top is formed instead, risk weakness towards 1.0602 support.
