EUR/USD – 1.1423
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1433
Kijun-Sen level : 1.1417
Ichimoku cloud top : 1.1376
Ichimoku cloud bottom : 1.1300
Original strategy :
Buy at 1.1335, Target: 1.1435, Stop: 1.1300
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1350, Target: 1.1450, Stop: 1.1315
Position : –
Target : –
Stop : –
As the single currency has maintained a firm undertone after recent rally, adding credence to our bullish view that 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 1.1350-55 should limit upside. Below 1.1315-20 would defer but only break of indicated support at 1.1292 would signal a temporary top is formed, bring correction to 1.1255-60 later.
