EUR/USD – 1.1816
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1801
Kijun-Sen level : 1.1741
Ichimoku cloud top : 1.1663
Ichimoku cloud bottom : 1.1651
Original strategy :
Buy at 1.1710, Target: 1.1810, Stop: 1.1675
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1745, Target: 1.1845, Stop: 1.1710
Position : –
Target : –
Stop : –
As the single currency has continued moving higher after yesterday’s rally, adding credence to our bullish view that the rise from 1.1554 low is still in progress, this also suggest early correction from 1.2093 top has ended at 1.1554, hence upside bias remains for this move to extend further gain to 1.1835-40, then test of resistance at 1.1858, however, reckon previous resistance at 1.1880 would hold on first testing due to near term overbought condition.
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 1.1741) should limit downside. Below 1.1715-20 would defer and risk test of previous resistance at 1.1678 (now support) but only break there would abort and signal top is formed instead, bring correction to 1.1650-55 first.
