EUR/USD – 1.0903
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0923
Kijun-Sen level : 1.0911
Ichimoku cloud top : 1.0865
Ichimoku cloud bottom : 1.0809
Original strategy :
Bought at 1.0900, Target: 1.1000, Stop: 1.0865
Position : – Long at 1.0900
Target : – 1.1000
Stop : – 1.0865
New strategy :
Exit long entered at 1.0900
Position : – Long at 1.0900
Target : –
Stop : –
Despite intra-day marginal rise to 1.0951, lack of follow through buying and current retreat suggest consolidation below this level would be seen and downside risk remains for retracement to 1.0870-75, break there would suggest an intra-day top is formed, bring further fall to 1.0850 but reckon support at 1.0821 would hold from here, bring another rise later.
In view of this, would be prudent to exit long entered at 1.0900 and stand aside for now. Only above said resistance at 1.0951 would extend recent upmove from 1.0340 low to 1.0975-80 and possibly towards 1.1000 which is likely to hold on first testing due to loss of momentum, risk from there is seen for a retreat later.
