EUR/USD – 1.1665
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1656
Kijun-Sen level : 1.1658
Ichimoku cloud top : 1.1639
Ichimoku cloud bottom : 1.1623
Original strategy :
Buy at 1.1600, Target: 1.1700, Stop: 1.1565
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1625, Target: 1.1725, Stop: 1.1590
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 1.1620-25 should limit downside and bring another rebound later. Below 1.1600 would bring weakness to 1.1675-80, however, downside should be limited and bring another rebound. Break of 1.1575-80 would defer and risk a retest of last week’s low at 1.1554 first.
