EUR/USD – 1.1884
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1898
Kijun-Sen level : 1.1918
Ichimoku cloud top : 1.1922
Ichimoku cloud bottom : 1.1897
Original strategy :
Buy at 1.1845, Target: 1.1945, Stop: 1.1810
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1845, Target: 1.1945, Stop: 1.1810
Position : –
Target : –
Stop : –
As the single currency has retreated after rising to 1.1961, suggesting consolidation below this level would be seen and pullback to 1.1865-70 (38.2% Fibonacci retracement of 1.1713-1.1961) cannot be ruled out, however reckon support at 1.1837 (also 50% Fibonacci retracement of 1.1713-1.1961) would limit downside and bring rebound later. Only break of said resistance at 1.1961 would confirm recent upmove has resumed and extend gain towards psychological level at 1.2000.
In view of this, we are looking to buy euro on pullback as said support at 1.1837 should contain downside, bring another rise later. Below this support would defer and suggest a temporary top is possibly formed, bring correction of recent rise to 1.1800-05 first.
