EUR/USD – 1.1739
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1736
Kijun-Sen level : 1.1749
Ichimoku cloud top : 1.1772
Ichimoku cloud bottom : 1.1767
Original strategy :
Buy at 1.1680, Target: 1.1780, Stop: 1.1645
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1680, Target: 1.1780, Stop: 1.1645
Position : –
Target : –
Stop : –
As the single currency has retreated again after meeting resistance at 1.1809, suggesting near term downside risk remains for the erratic fall from 1.1861 top to bring retracement of recent rise, hence initial fall to 1.1700 cannot be ruled out, however, reckon downside would be limited to 1.1671-78 (61.8% Fibonacci retracement of 1.1554-1.1861 or previous resistance) and bring rebound later to 1.1809 but break of resistance at 1.1822 is needed to signal the pullback from 1.1861 (last week’s high) has ended, bring retest of said resistance later.
In view of this, we are looking to buy euro on next decline as 1.1671-78 should limit downside and bring rebound later. Only below 1.1650 would defer and signal top has been formed instead, bring a stronger retracement of recent rise to previous support at 1.1637 first.
