EUR/USD – 1.1878
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1869
Kijun-Sen level : 1.1841
Ichimoku cloud top : 1.1703
Ichimoku cloud bottom : 1.1774
Original strategy :
Buy at 1.1780, Target: 1.1880, Stop: 1.1745
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1820, Target: 1.1920, Stop: 1.1785
Position : –
Target : –
Stop : –
As the single currency has continued heading north after brief pullback, adding credence to our view that recent decline from 1.2093 top has ended at 1.1669 last week and mild upside bias remains for this move to extend gain to 1.1895-00 (61.8% Fibonacci retracement of 1.2035-1.1669), however, near term overbought condition should prevent sharp move beyond 1.1930-35 (61.8% Fibonacci retracement of 1.2093-1.1669) and 1.1970 should remain intact, bring retreat later.
In view of this, would not chase this rise here and we are still looking to buy euro on subsequent pullback as 1.1815-20 should limit downside and bring another rebound. Below minor support at 1.1795 would defer and risk correction to 1.1770 but downside should be limited to 1.1745-50 and price should stay above indicated support at 1.1719, bring another rise later.
