EUR/USD – 1.1669
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1669
Kijun-Sen level : 1.1657
Ichimoku cloud top : 1.1654
Ichimoku cloud bottom : 1.1634
Original strategy :
Buy at 1.1625, Target: 1.1725, Stop: 1.1590
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1625, Target: 1.1725, Stop: 1.1590
Position : –
Target : –
Stop : –
As the single currency has maintained a firm undertone after surging to 1.1678, suggesting the rise from 1.1554 low is still in progress and may extend further gain 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, would not chase this rise here and 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.
