EUR/USD – 1.1405
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1413
Kijun-Sen level : 1.1411
Ichimoku cloud top : 1.1425
Ichimoku cloud bottom : 1.1369
Original strategy :
Buy at 1.1350, Target: 1.1450, Stop: 1.1315
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1330, Target: 1.1440, Stop: 1.1295
Position : –
Target : –
Stop : –
As the single currency met resistance at 1.1446 late last week and has eased, suggesting consolidation below this level would be seen and pullback to the lower Kumo (now at 1.1369) cannot be ruled out, however, reckon 1.1325-30 (38.2% Fibonacci retracement of 1.1139-1.1446) would limit downside and bring another rise later, above said resistance at 1.1446 would extend recent rise to 1.1455-60 (61.8% projection of 1.1119-1.1389 measuring from 1.1292), then 1.1480 but 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 1.1325-30 should limit upside. Below 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446) would abort and signal a temporary top is formed, bring correction to 1.1255-60 later.
