EUR/USD – 1.0738
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0729
Kijun-Sen level : 1.0724
Ichimoku cloud top : 1.0707
Ichimoku cloud bottom : 1.0676
Original strategy :
Buy at 1.0675, Target: 1.0775, Stop: 1.0640
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0685, Target: 1.0785, Stop: 1.0650
Position : –
Target : –
Stop : –
As the single currency has risen again after brief pullback, suggesting recent upmove from 1.0570 is still in progress and upside bias remains for further gain to 1.0775-80 (61.8% Fibonacci retracement of 1.0906-1.0570) and possibly towards 1.0800, however, loss of near term upward momentum should prevent sharp move beyond 1.0825-30, risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.0675-85 should limit downside. Only below support at 1.0635 would abort and signal top is formed instead, risk weakness towards 1.0602 support.
