EUR/USD – 1.0916
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0897
Kijun-Sen level : 1.0901
Ichimoku cloud top : 1.0920
Ichimoku cloud bottom : 1.0911
New strategy :
Buy at 1.0900, Target: 1.1000, Stop: 1.0870
Position : –
Target : –
Stop : –
Although the single currency fell briefly to 1.0875, lack of follow through selling and current rebound suggest consolidation with upside bias would be seen and test of indicated resistance at 1.0951 (last week’s high) would be seen, however, break there is needed to signal recent upmove from 1.0340 low has resumed for headway to 1.0975-80 and possibly towards 1.1000 but price should falter below 1.1025 (50% projection of 1.0602-1.0951 measuring from 1.0851).
In view of this, we are looking to buy euro on dips. Below intra-day support at 1.0875 would prolong consolidation below said resistance at 1.0951, bring correction towards support at 1.0851 but price should stay above 1.0821 support, bring another rise later.
