EUR/USD – 1.2023
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.2045
Kijun-Sen level : 1.2039
Ichimoku cloud top : 1.1985
Ichimoku cloud bottom : 1.1968
Original strategy :
Buy at 1.1985, Target: 1.2090, Stop: 1.1950
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1985, Target: 1.2090, Stop: 1.1950
Position : –
Target : –
Stop : –
As the single currency has retreated after rising to 1.2093 earlier today, suggesting consolidation below this level would be seen and pullback to 1.2000 is likely, however, reckon minor support at 1.1984 would limit downside and bring another rise later, above 1.2070-75 would bring retest of said resistance at 1.2093 but break there is needed to extend recent upmove to 1.2130-40, having said that, loss of upward momentum should limit upside to 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662), bring correction later.
In view of this, would be prudent to buy euro on further pullback as support at 1.1980-84 should limit downside and bring another upmove later. Below 1.1950 (previous resistance turned support) would signal a temporary top is formed instead bring weakness to 1.1925-30 first.
