EUR/USD – 1.1810
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1772
Kijun-Sen level : 1.1773
Ichimoku cloud top : 1.1738
Ichimoku cloud bottom : 1.1726
Original strategy :
Bought at 1.1715, met target at 1.1815
Position : – Long at 1.1715
Target : – 1.1815
Stop : –
New strategy :
Buy at 1.1770, Target: 1.1870, Stop: 1.1735
Position : –
Target : –
Stop : –
Current anticipated rally above previous resistance at 1.1790 has justified our bullishness, this move also adds credence to our view that pullback from 1.1910 has ended at 1.1662 last week, hence upside bias remains for test of resistance at 1.1847, break there would provide confirmation and encourage for headway got 1.1870-80, however, reckon said resistance at 1.1910 would hold from here.
As we have taken profit on our long position entered at 1.1715, would not chase this rise here and would be prudent to buy euro again on pullback as 1.1760-70 should limit downside. Only below 1.1725-30 would abort and suggest the rebound from 1.1662 has ended instead, risk weakness to 1.1695-00 first.
