EUR/USD – 1.2014
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.2007
Kijun-Sen level : 1.2034
Ichimoku cloud top : 1.2030
Ichimoku cloud bottom : 1.2000
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 : –
Euro’s retreat after rising to 1.2093 late last week suggests consolidation below this level would be seen and pullback to 1.1981-84 (50% Fibonacci retracement of 1.1868-1.2093 and previous minor support) is likely, however, reckon downside would be limited 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 subsequent 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.
