EUR/USD – 1.1321
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1359
Kijun-Sen level : 1.1357
Ichimoku cloud top : 1.1390
Ichimoku cloud bottom : 1.1366
Original strategy :
Buy at 1.1300, Target: 1.1400, Stop: 1.1265
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1290, Target: 1.1390, Stop: 1.1255
Position : –
Target : –
Stop : –
As the single currency has slipped again after brief recovery, suggesting near term downside risk remains for the fall from 1.1446 (last week’s high) to bring retracement of recent upmove, hence weakness to 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446) cannot be ruled out, however, reckon sharp fall below there should not be repeated today and bring rebound later, above 1.1375-80 would signal an intra-day low is formed, bring test of 1.1400-10, break there would suggest the pullback from 1.1446 has ended, then retest of this resistance would follow.
In view of this, we are inclined to buy euro on further corrective fall as 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446) should limit downside, bring rebound. Below 1.1270 would abort and signal a temporary top is formed, bring correction to 1.1250-55 (61.8% Fibonacci retracement) first.
