EUR/USD – 1.0857
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0849
Kijun-Sen level : 1.0809
Ichimoku cloud top : 1.0739
Ichimoku cloud bottom : 1.0733
Original strategy :
Bought at 1.0690, met target at 1.0790
Position : – Long at 1.0690
Target : – 1.0790
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency did find renewed buying interest at 1.0682 (we recommended to buy at 1.0690 and a long position was entered there) and the pair opened sharply higher today, indicated upside target at 1.0790 was met as price surged to as high as 1.0936 before retreating, suggesting consolidation below this level would be seen and pullback to the Kijun-Sen (now at 1.0809) cannot be ruled out, however, reckon previous resistance at 1.0778 would contain downside and bring another rise later. Above 1.0900-05 would bring retest of 1.0936 but break there is needed to extend recent rise to 1.0975-80 and possibly towards 1.1000.
As we have taken profit on our long position entered at 1.0690, would not chase this rise here and would be prudent to stand aside in the meantime. Below previous resistance at 1.0778 (now support) would defer and risk weakness to the Ichimoku cloud (now at 1.0733-39) but support at 1.0682 should remain intact, bring rebound later.
