EUR/USD – 1.1810
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1827
Kijun-Sen level : 1.1803
Ichimoku cloud top : 1.1711
Ichimoku cloud bottom : 1.1701
Original strategy :
Buy at 1.1745, Target: 1.1845, Stop: 1.1710
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1745, Target: 1.1845, Stop: 1.1710
Position : –
Target : –
Stop : –
As the single currency has retreated after rising to 1.1861, suggesting consolidation below this level would be seen and below the Kijun-Sen (now at 1.1803) would bring pullback to 1.1770, however, reckon 1.1745-50 (50% Fibonacci retracement of 1.1637-1.1861) would limit downside and bring another rise later, above said resistance at 1.1861 would extend recent see from 1.1554 low to previous resistance at 1.1880, then 1.1900-10.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.1745-50 should limit downside. Below the upper Kumo (now at 1.1711) would defer and signal a temporary top is formed instead, bring weakness to previous resistance at 1.1678 (now support) but only break there would provide confirmation.
