EUR/USD – 1.1806
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1787
Kijun-Sen level : 1.1768
Ichimoku cloud top : 1.1721
Ichimoku cloud bottom : 1.1718
Original strategy :
Buy at 1.1720, Target: 1.1820, Stop: 1.1685
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1740, Target: 1.1840, Stop: 1.1705
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 for the rebound from there to bring retracement of recent decline towards resistance at 1.1832, however, near term overbought condition should limit upside to 1.1850-55 (50% Fibonacci retracement of 1.2035-1.1669), bring retreat later.
In view of this, would not chase this rise here and we are still looking to buy euro on dips as 1.1740 should limit downside and bring another rebound. Only break of said support at 1.1719 would abort and signal an intra-day top is formed, risk weakness to 1.1695-00 but indicated strong support at 1.1662-69 should remain intact.
