EUR/USD – 1.2041
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.2000
Kijun-Sen level : 1.1982
Ichimoku cloud top : 1.1903
Ichimoku cloud bottom : 1.1867
Original strategy :
Buy at 1.1870, Target: 1.1970, Stop: 1.1835
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.2000, Target: 1.2100, Stop: 1.1965
Position : –
Target : –
Stop : –
As euro’s upmove has accelerated after last week’s anticipated rally above previous resistance at 1.1910 (now support), adding credence to our bullish view that recent upmove is still in progress and may extend headway to 1.2055-60 and then 1.2095-00, however, near term overbought condition should limit upside and reckon 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662) would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to reinstate long on pullback as the Tenkan-Sen (now at 1.2000) should limit downside. Only below intra-day support at 1.1955 would defer and risk correction to 1.1930 but said previous resistance at 1.1910 should limit downside.
