EUR/USD – 1.1799
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1795
Kijun-Sen level : 1.1791
Ichimoku cloud top : 1.1794
Ichimoku cloud bottom : 1.1782
Original strategy :
Bought at 1.1790, Target: 1.1890, Stop: 1.1755
Position : – Long at 1.1790
Target : – 1.1890
Stop : – 1.1755
New strategy :
Hold long entered at 1.1790, Target: 1.1890, Stop: 1.1755
Position : – Long at 1.1790
Target : – 1.1890
Stop : – 1.1755
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 holding on to our long position entered 1.1790. 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.
