EUR/USD – 1.1793
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1812
Kijun-Sen level : 1.1789
Ichimoku cloud top : 1.1738
Ichimoku cloud bottom : 1.1707
Original strategy :
Buy at 1.1750, Target: 1.1850, Stop: 1.1715
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1725, Target: 1.1840, Stop: 1.1690
Position : –
Target : –
Stop : –
As the single currency has maintained a firm undertone after yesterday’s rally above last week’s high at 1.1777, adding credence to our bullish view that recent upmove from 1.0340 low is still in progress and upside bias remains for further gain to 1.1850-55 (50% projection of 1.1370-1.1777 measuring from 1.1650) but loss of near term upward momentum should prevent sharp move beyond 1.1875-80 and price should falter below 1.1900-05 (61.8% projection), 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 support at 1.1723 should limit downside. Below the lower Kumo (now at 1.0707) would defer and suggest top is possibly formed, bring retracement of recent rise to 1.1680-85 first but indicated support at 1.1650 should hold.
