EUR/USD – 1.1813
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1794
Kijun-Sen level : 1.1790
Ichimoku cloud top : 1.1798
Ichimoku cloud bottom : 1.1763
Original strategy :
Buy at 1.1745, Target: 1.1845, Stop: 1.1710
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1790, Target: 1.1890, Stop: 1.1755
Position : –
Target : –
Stop : –
As the single currency has rebounded after continued finding support just above yesterday’s low at 1.1757, suggesting the pullback from 1.1861 (this week’s high) has ended there and consolidation with upside bias is seen for a retest of this level, however, break there is needed to confirm recent upmove from 1.1554 low has resumed and extend gain to previous resistance at 1.1880, then 1.1900-10.
In view of this, we are looking to buy euro on dips as the Kijun-Sen (now at 1.1790) should limit downside and bring another rise. Only below said support at 1.1757 would abort and signal a temporary top has been formed, bring retracement of recent rise to 1.1720-25 (61.8% Fibonacci retracement of 1.1638-1.1861) but reckon 1.1700 would limit downside and previous resistance at 1.1678 (now support) should remain intact.
