EUR/USD – 1.1759
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1768
Kijun-Sen level : 1.1745
Ichimoku cloud top : 1.1757
Ichimoku cloud bottom : 1.1740
Original strategy :
Sold at 1.1770, stopped at break-even
Position : – Short at 1.1770
Target : –
Stop : – 1.1770
New strategy :
Buy at 1.1725, Target: 1.1825, Stop: 1.1690
Position : –
Target : –
Stop : –
As the single currency continued finding support just above this week’s low at 1.1689 and has rebounded, suggesting low is possibly formed there and consolidation with mild upside bias is seen for test of 1.1800 (50% Fibonacci retracement of 1.1910-1.0689), however, break of 1.1824-26 (previous resistance and 61.8% Fibonacci retracement) is needed to signal the fall from 1.1910 has ended and bring further gain to 1.1850 later.
In view of this, we are looking to turn long on dips. Below said support at 1.1689 would abort and signal the fall from 1.1910 top is still in progress for retracement of early upmove to 1.0670, then test of support at 1.1650.
