EUR/USD – 1.1112
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1125
Kijun-Sen level : 1.1137
Ichimoku cloud top : 1.1095
Ichimoku cloud bottom : 1.1035
Original strategy :
Buy at 1.1065, Target: 1.1185, Stop: 1.1030
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1055, Target: 1.1155, Stop: 1.1020
Position : –
Target : –
Stop : –
As the single currency has eased after rising to 1.1172, suggesting minor consolidation would be seen and pullback to 1.1100 and possibly support at 1.1081 cannot be ruled out, however, reckon 1.1055-65 would limit downside and bring another rise later, above said resistance at 1.1172 would extend recent rise towards 1.1205-10 (1.618 times projection) but reckon 1.1250 would hold from here, bring retreat later.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.1065-70 should limit downside. Below previous resistance at 1.1025 (now support) would defer and suggest top is possibly formed instead, risk test of another previous resistance at 1.0990 first.
