EUR/USD – 1.0968
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0977
Kijun-Sen level : 1.0987
Ichimoku cloud top : 1.0956
Ichimoku cloud bottom : 1.0933
Original strategy :
Buy at 1.0920, Target: 1.1020, Stop: 1.0885
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0990, Target: 1.0890, Stop: 1.1025
Position : –
Target : –
Stop : –
Although the single currency opened higher earlier today, lack of follow through buying and the subsequent retreat from 1.1025 suggest consolidation below this level would be seen and pullback to 1.0949 cannot be ruled out, break there would suggest a temporary top is possibly formed, bring correction to 1.0900-10 but support at 1.0875 should remain intact and bring rebound later.
In view of this, we are looking to sell euro on recovery as 1.0995-00 should limit upside and bring another retreat. Above said resistance at 1.1025 would abort and signal recent upmove from 1.0340 low has resumed for headway to 1.1050 but reckon upside would be limited to 1.1065-70 (61.8% projection of 1.0602-1.0951 measuring from 1.0851).
