EUR/USD – 1.0629
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.0620
Kijun-Sen level : 1.0597
Ichimoku cloud top : 1.0557
Ichimoku cloud bottom : 1.0548
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 : –
As the single currency has surged again after brief pullback and broke above previous resistance at 1.0640, adding credence to our bullish view that the erratic rise from 1.0493 low is still in progress and may bring 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 1.0560-70 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.
