EUR/USD – 1.0894
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0878
Kijun-Sen level : 1.0892
Ichimoku cloud top : 1.0906
Ichimoku cloud bottom : 1.0904
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency has rebounded after finding support at 1.0850 yesterday, break of yesterday’s high at 1.0933 is needed to signal the pullback from 1.0951 (this week’s high) has ended, bring retest of this level, break there 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.
On the downside, below said support at 1.0850 would prolong consolidation below 1.0951 and risk correction to support at 1.0821, however, still reckon downside would be limited to 1.0800 and previous resistance at 1.0778 should hold from here, bring another rise later. As near term outlook is mixed, would be prudent to stand aside for now.
