EUR/USD – 1.1672
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1698
Kijun-Sen level : 1.1700
Ichimoku cloud top : 1.1663
Ichimoku cloud bottom : 1.1649
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency extended recent upmove and surged to as high as 1.1777 earlier today, the subsequent retreat suggests consolidation below this level would be seen and pullback to 1.1645-50 cannot be ruled out, however, reckon support at 1.1613 would limit downside and price should stay well above previous resistance at 1.1583 (now support), bring another rise later.
On the upside, whilst recovery to 1.1700-10 cannot be ruled out, reckon upside would be limited to 1.1735-40 and said resistance at 1.1777 should remain intact, bring further consolidation. Above 1.1777 would extend recent upmove to 1.1784-85 (50% projection of 1.1370-1.1712 measuring from 1.1613). then 1.1800, however, loss of near term upward momentum should prevent sharp move beyond 1.1820-25 (61.8% projection), risk from there has increased for a retreat later.
