EUR/USD – 1.1770
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1765
Kijun-Sen level : 1.1754
Ichimoku cloud top : 1.1724
Ichimoku cloud bottom : 1.1723
Original strategy :
Buy at 1.1690, Target: 1.1790, Stop: 1.1655
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1720, Target: 1.1820, Stop: 1.1685
Position : –
Target : –
Stop : –
As the single currency surged again after brief pullback to 1.1719, adding credence to our view that a temporary low has possibly been formed at 1.1669 last week and consolidation with upside bias remains, a firm break above indicated resistance at 1.1788-89 would bring retracement of recent decline to 1.1800 and later towards resistance at 1.1832 which is likely to hold from here due to near term overbought condition.
In view of this, we are still looking to buy euro on dips as 1.1719 support should limit downside and bring another rebound. Only break of strong support at 1.1662-69 would signal recent decline is still in progress and may extend weakness towards 1.1625-30 but reckon 1.1600 would hold.
