EUR/USD – 1.0758
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 1.0685, Target: 1.0785, Stop: 1.0650
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0690, Target: 1.0790, Stop: 1.0655
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 1.0783-85 (61.8% projection of 1.0602-1.0737 measuring from 1.0700), then 1.0800-10, 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 1.0690-00 should limit downside. Only below previous resistance at 1.0670 (now support) would abort and signal top is formed instead, bring correction towards previous support at 1.0635 which is likely to hold from here.
