EUR/USD – 1.1744
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1714
Kijun-Sen level : 1.1726
Ichimoku cloud top : 1.1743
Ichimoku cloud bottom : 1.1720
New strategy :
Buy at 1.1715, Target: 1.1815, Stop: 1.1680
Position : –
Target : –
Stop : –
Although the single currency slipped again today, lack of follow through selling on break of support at 1.1681 and current rebound from1.1662 suggest an intra-day low is possibly formed and consolidation with mild upside bias is seen for another test of indicated resistance at 1.1790, however, break there is needed to add credence to this view, bring further gain to 1.1820 but resistance at 1.1847 should hold from here.
In view of this, we are looking to buy euro on dips as 1.1700-10 should limit downside. Below 1.1680-85 would risk retest of 1.1662, break there would extend the erratic decline from 1.1910 top to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support) but reckon 1.1600 would hold from here.
