EUR/USD – 1.1815
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1786
Kijun-Sen level : 1.1785
Ichimoku cloud top : 1.1773
Ichimoku cloud bottom : 1.1752
New strategy :
Buy at 1.1785, Target: 1.1885, Stop: 1.1750
Position : –
Target : –
Stop : –
As euro’s intra-day rise has gathered momentum, suggesting low has been formed at 1.1725 and the rebound from there may extend further gain to resistance at 1.1858, break there would signal the fall from 1.1880 has ended and another leg of corrective rise from 1.1669 low is underway for retest of this level, then towards 1.1900 but reckon 1.1930-35 (61.8% Fibonacci retracement of 1.2093-1.1669) would hold, bring retreat later.
In view of this, we are looking to buy euro on pullback as 1.1780-85 should limit downside. Below 1.1750 would risk another test of said support at 1.1725 but only break there would revive bearishness for weakness to 1.1700, however, still reckon said recent low at 1.1669 would hold from here.
