EUR/USD – 1.0595
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.0588
Kijun-Sen level : 1.0570
Ichimoku cloud top : 1.0566
Ichimoku cloud bottom : 1.0544
Original strategy :
Buy at 1.0560, Target: 1.0660, Stop: 1.0525
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0560, Target: 1.0660, Stop: 1.0525
Position : –
Target : –
Stop : –
Yesterday’s strong rebound after finding support at 1.0525\ suggests the retreat from 1.0640 has ended at 1.0525 and consolidation with mild upside bias is seen for further gain towards said resistance at 1.0640, however, break there is needed to retain bullishness and signal another leg of the erratic rise from 1.0493 low is underway for retracement of early decline to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) and possibly towards resistance at 1.0680 but price should falter well below 1.0700-05 (61.8% Fibonacci retracement).
In view of this, we are looking to buy euro on dips as 1.0560 should limit downside and bring another rise later. Below said support at 1.0525 would abort and risk test of 1.0493-96 but only break there would shift risk back to the downside and signal recent decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.
