EUR/USD – 1.1795
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1792
Kijun-Sen level : 1.1777
Ichimoku cloud top : 1.1754
Ichimoku cloud bottom : 1.1728
Original strategy :
Bought at 1.1790, Target: 1.1890, Stop: 1.1755
Position : – Long at 1.1790
Target : – 1.1890
Stop : – 1.1755
New strategy :
Hold long entered at 1.1790, Target: 1.1890, Stop: 1.1755
Position : – Long at 1.1790
Target : – 1.1890
Stop : – 1.1755
Current rally in NY morning adds credence to our view that low has been formed at 1.1689 earlier this week and further gain to 1.1850, then 1.1880 would be seen, however, a firm break above latter level is needed to confirm correction from 1.1910 top has ended, bring retest of this level, break there would signal early upmove has resumed and extend headway towards 1.1940-50 first.
In view of this, we are holding on to our long position entered at 1.1790. Only below support at 1.1748 would defer and risk weakness to 1.1720, however, downside should be limited to 1.1700 and support at 1.1689 should remain intact, bring another rally next week.
