EUR/USD – 1.2001
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1978
Kijun-Sen level : 1.1960
Ichimoku cloud top : 1.1942
Ichimoku cloud bottom : 1.1913
Original strategy :
Buy at 1.1905, Target: 1.2005, Stop: 1.1870
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1970, Target: 1.2070, Stop: 1.1935
Position : –
Target : –
Stop : –
Current break of indicated resistance at 1.1995-00 (previous resistance and 61.8% Fibonacci retracement of 1.2093-1.1838) adds credence to our view that the fall from 1.2093 top has ended at 1.1838 last week and consolidation with upside bias remains for further gain to 1.2030-35, then 1.2050-55, however, break of 1.2070 is needed to signal early upmove has resumed for retest of 1.2093 first.
In view of this, we are looking to buy euro again on dips but at a higher level as 1.1965-70 should limit downside, bring another rise later. Below 1.1945-50 would defer and risk weakness towards support at 1.1915 (yesterday’s low) but only break there wold signal the rebound from 1.1838 has ended instead, bring further fall to 1.1880.
