EUR/USD – 1.1437
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1414
Kijun-Sen level : 1.1401
Ichimoku cloud top : 1.1337
Ichimoku cloud bottom : 1.1283
Original strategy :
Buy at 1.1320, Target: 1.1420, Stop: 1.1285
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1335, Target: 1.1435, Stop: 1.1300
Position : –
Target : –
Stop : –
As the single currency has risen again after finding renewed buying interest at 1.1292,, suggesting recent rise is still in progress and may extend further gain to 1.1455-60 (61.8% projection of 1.1119-1.1389 measuring from 1.1292), then 1.1480, however, overbought condition should prevent sharp move beyond 1.1500, risk from there has increased for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as the upper Kumo (now at 1.1336) should limit upside. Below 1.1300 would defer but only break of said support at 1.1292 would signal a temporary top is formed, bring correction to 1.1255-60 later.
