EUR/USD – 1.1256
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1258
Kijun-Sen level : 1.1244
Ichimoku cloud top : 1.1267
Ichimoku cloud bottom : 1.1259
Original strategy :
Bought at 1.1245, Target: 1.1345, Stop: 1.1210
Position : – Long at 1.1240
Target : – 1.1340
Stop : – 1.1205
New strategy :
Hold long entered at 1.1245, Target: 1.1345, Stop: 1.1210
Position : – Long at 1.1245
Target : – 1.1345
Stop : – 1.1210
As the single currency rebounded after finding renewed buying interest just above previous support at 1.1202, reviving our bullishness and above resistance at 1.1285 would confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 but overbought condition should limit upside to chart point at 1.1366.
In view of this, we are holding on to our long position entered at 1.1240. Only below support at 1.1202 would abort and suggest top is possibly formed, break of 1.1195-97 (50% Fibonacci retracement of 1.1109-1.1285) would add credence to this view, bring retracement of recent rise to indicated support at 1.1164 first.
