EUR/USD – 1.1351
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1343
Kijun-Sen level : 1.1340
Ichimoku cloud top : 1.1378
Ichimoku cloud bottom : 1.1355
Original strategy :
Buy at 1.1290, Target: 1.1390, Stop: 1.1255
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1290, Target: 1.1390, Stop: 1.1255
Position : –
Target : –
Stop : –
Although the single currency recovered after finding support at 1.1312, reckon upside would be limited to 1.1375-80 and near term downside risk remains for the fall from 1.1446 top to bring retracement of recent rise to 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446), however, reckon sharp fall below there should not be repeated and bring rebound later, above 1.1375-80 would signal 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.
