EUR/USD – 1.1357
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1342
Kijun-Sen level : 1.1333
Ichimoku cloud top : 1.1242
Ichimoku cloud bottom : 1.1234
Original strategy :
Buy at 1.1280, Target: 1.1395, Stop: 1.1245
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1275, Target: 1.1395, Stop: 1.1240
Position : –
Target : –
Stop : –
The single currency retreated after rising to 1.1389-91, suggesting consolidation below this level would be seen and pullback to 1.1275-80 cannot be ruled out, however, reckon the upper Kumo (now at 1.1242) would hold and bring another rise later, above said resistance at 1.1389-91 would extend recent upmove to 1.1400-05 (61.8% projection of 1.0839-1.1296 measuring from 1.1119), then towards 1.1430 but overbought condition should prevent sharp move beyond 1.1450-60 and price should falter below 1.1500.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.1275-80 should limit downside. Below 1.1245-50 would defer and risk test of previous resistance at 1.1220 but break there is needed to confirm top is formed instead, bring correction towards 1.1180-85 later.
