EUR/USD – 1.0707
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0696
Kijun-Sen level : 1.0651
Ichimoku cloud top : 1.0579
Ichimoku cloud bottom : 1.0570
Original strategy :
Buy at 1.0560, Target: 1.0660, Stop: 1.0525
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0660, Target: 1.0760, Stop: 1.0625
Position : –
Target : –
Stop : –
As the single currency has risen again after finding renewed buying interest at 1.0669, suggesting recent upmove from 1.0493 low is still in progress and bullishness remains for this move to extend further gain to 1.0730-35 (50% projection of 1.0572-1.0699 measuring from 1.0669), however, loss of near term upward momentum should prevent sharp move beyond 1.0745-50 (61.8% projection) and reckon 1.0760 (1.618 times projection of 1.0495-1.0640 measuring from 1.0525) would hold on first testing.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.0560-70 should limit downside, bring another rise later. Below the Kijun-Sen (now at 1.0651) would defer but only break of previous resistance at 1.0615 would abort and signal top is formed.
