EUR/USD – 1.1203
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1195
Kijun-Sen level : 1.1185
Ichimoku cloud top : 1.1159
Ichimoku cloud bottom : 1.1153
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency has maintained a firm undertone after last week’s rebound from 1.1119, suggesting near term upside risk remains for this rebound to extend gain to 1.1213 resistance, then towards 1.1228-30 ((61.8% Fibonacci retracement of 1.1296-1.1119), however, reckon upside would e limited to 1.1260-70 and price should falter well below resistance at 1.1296, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below the Kijun-Sen (now art 1.1185) would bring weakness towards 1.1139 support but break there is needed to revive bearishness and signal top is formed, bring retest of 1.1119.
