EUR/USD – 1.1794
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1786
Kijun-Sen level : 1.1815
Ichimoku cloud top : 1.1765
Ichimoku cloud bottom : 1.1721
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 retreated after rising to 1.1861 yesterday, retaining our view that consolidation below this level would be seen, however, reckon 1.1745-50 (50% Fibonacci retracement of 1.1637-1.1861) would limit downside and bring another rise later, above 1.1830-35 would bring a retest of said resistance at 1.1861, break there would extend recent rise 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 subsequent pullback as 1.1745-50 should limit downside. Below the lower Kumo (now at 1.1721) 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.
