EUR/USD – 1.0704
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0719
Kijun-Sen level : 1.0711
Ichimoku cloud top : 1.0669
Ichimoku cloud bottom : 1.0651
Original strategy :
Buy at 1.0685, Target: 1.0785, Stop: 1.0650
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0675, Target: 1.0775, Stop: 1.0640
Position : –
Target : –
Stop : –
As the single currency has retreated after marginal rise to 1.0737, suggesting consolidation below this level would be seen and pullback to 1.0690 cannot be ruled out, however, reckon previous resistance at 1.0670 (now support) would contain downside and bring another upmove later to 1.0738-40 (50% Fibonacci retracement of 1.0906-1.0570) and possibly towards 1.0775-80 (61.8% Fibonacci retracement) but reckon 1.0800-10 would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.0670-75 should limit downside. Only below support at 1.0635 would abort and signal top is formed instead, risk weakness towards 1.0602 support.
