EUR/USD – 1.1788
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1806
Kijun-Sen level : 1.1780
Ichimoku cloud top : 1.1751
Ichimoku cloud bottom : 1.1726
Original strategy :
Buy at 1.1770, Target: 1.1870, Stop: 1.1735
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1765, Target: 1.1865, Stop: 1.1730
Position : –
Target : –
Stop : –
As the single currency has retreated after meeting resistance at 1.1828 yesterday, suggesting consolidation below this level would be seen initially and pullback to 1.1765-70 cannot be ruled out, however, reckon the upper Kumo (now at 1.1751) would contain downside and bring another rise later, above said resistance at 1.1828 would extend the rise from last week’s low of 1.1662 to resistance at 1.1847, break there would provide confirmation the pullback from 1.1910 has ended and encourage for headway to 1.1870-80 but reckon said resistance at 1.1910 would hold from here.
In view of this, 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.
