EUR/USD – 1.1749
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1748
Kijun-Sen level : 1.1742
Ichimoku cloud top : 1.1726
Ichimoku cloud bottom : 1.1726
Original strategy :
Bought at 1.1715, Target: 1.1815, Stop: 1.1680
Position : – Long at 1.1715
Target : – 1.1815
Stop : – 1.1680
New strategy :
Hold long entered at 1.1715, Target: 1.1815, Stop: 1.1705
Position : – Long at 1.1715
Target : – 1.1815
Stop : – 1.1705
Although the single currency fell briefly to 1.1662 yesterday, the subsequent rebound suggests a temporary low is possibly formed there and consolidation with mild upside bias remains 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 holding on to our long position entered at 1.1715. 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.
