EUR/USD – 1.1749
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1715
Kijun-Sen level : 1.1710
Ichimoku cloud top : 1.1657
Ichimoku cloud bottom : 1.1639
Original strategy :
Buy at 1.1625, Target: 1.1725, Stop: 1.1590
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1710, Target: 1.1810, Stop: 1.1675
Position : –
Target : –
Stop : –
As the single currency has rallied today after breaking above indicated resistance at 1.1691-96, adding credence to our bullish view that the rise from 1.1554 low is still in progress and may extend further gain to 1.1775-80, then towards 1.1800-10 but reckon upside would be limited today and price should falter well below previous resistance at 1.1837 due to near term overbought condition, bring retreat later.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as the Kijun-Sen (now at 1.1710) should limit downside.Only below previous resistance at 1.1678 (now support) would abort and signal an intra-day top is formed instead, bring correction to 1.1650-55 first.
