EUR/USD – 1.1651
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1655
Kijun-Sen level : 1.1651
Ichimoku cloud top : 1.1634
Ichimoku cloud bottom : 1.1617
Original strategy :
Buy at 1.1600, Target: 1.1700, Stop: 1.1565
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1600, Target: 1.1700, Stop: 1.1565
Position : –
Target : –
Stop : –
As the single currency has eased after surging to 1.1678, suggesting consolidation below this level would be seen and pullback to 1.1615-20 cannot be ruled out, however, reckon downside would be limited to 1.1600 and bring another rise later, above said resistance at 1.1678 would extend the rise from 1.1554 low to 1.1691-96 (previous resistance and 50% Fibonacci retracement of 1.1837-1.1554) but reckon upside would be limited to 1.1725-29 (previous support now resistance and 61.8% Fibonacci retracement), bring retreat later.
In view of this, we are looking to buy euro on pullback as 1.1600 should limit downside and bring another rebound later. Below 1.1625-30 would bring weakness to 1.1600, however, downside should be limited and bring another rebound. Below 1.1575-80 would defer and risk a retest of this week’s low at 1.1554 first.
