EUR/USD – 1.0583
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.0583
Kijun-Sen level : 1.0607
Ichimoku cloud top : 1.0590
Ichimoku cloud bottom : 1.0561
New strategy :
Buy at 1.0545, Target: 1.0645, Stop: 1.0510
Position : –
Target : –
Stop : –
Although the single currency retreated after rising to 1.0640 yesterday and consolidation with initial downside bias is seen for weakness to 1.0560, reckon downside would be limited to 1.0540-45 and bring another rebound later, above said resistance at 1.0640 would extend the erratic rise from 1.0493 lo for retracement of early decline to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) and possibly towards resistance at 1.0680, however, price should falter well below 1.0700-05 (61.8% Fibonacci retracement).
In view of this, we are looking to buy euro on dips. Below 1.0510 would abort and risk retest of 1.0493 but only break there would shift risk back to the downside and signal recent decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.
