EUR/USD – 1.1247
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1240
Kijun-Sen level : 1.1213
Ichimoku cloud top : 1.1179
Ichimoku cloud bottom : 1.1144
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency has maintained a firm undertone after recent rally and near term bullishness remains for recent upmove to extend gain to 1.1260-65, reckon upside would be limited to 1.1280-85 (61.8% projection of 1.0839-1.1172 measuring from 1.1076) and loss of near term upward momentum should prevent sharp move beyond 1.1300-10, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Kijun-Sen (now at 1.1213) would bring pullback towards support at 1.1161 but break there is needed to signal top is formed, bring retracement of recent rise to 1.1125-30 first.
