EUR/USD – 1.1236
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1242
Kijun-Sen level : 1.1211
Ichimoku cloud top : 1.1170
Ichimoku cloud bottom : 1.1158
Original strategy :
Buy at 1.1210, Target: 1.1310, Stop: 1.1175
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1205, Target: 1.1305, Stop: 1.1170
Position : –
Target : –
Stop : –
Although the single currency fell initially earlier this week, as euro found decent demand at 1.1109 and has rallied since, a retest of previous resistance at 1.1268 would be seen, break there would confirm early upmove has resumed and extend gain to another previous chart resistance at 1.1300, then towards 1.1340-45, however, near term overbought condition should limit upside to chart point at 1.1366, risk from there has increased for a retreat later.
In view of this, we are looking to buy euro on pullback as previous resistance at 1.1206 (now support) should limit downside and bring another rise later. Only below support at 1.1164 (yesterday’s low) would abort and suggest a temporary top is formed instead, risk weakness to 1.1140 but said support at 1.1109 should remain intact, bring rebound later.
