EUR/USD – 1.1863
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1854
Kijun-Sen level : 1.1874
Ichimoku cloud top : 1.1913
Ichimoku cloud bottom : 1.1899
Original strategy :
Bought at 1.1845, Target: 1.1945, Stop: 1.1810
Position : – Long at 1.1845
Target : – 1.1945
Stop : – 1.1810
New strategy :
Hold long entered at 1.1845, Target: 1.1945, Stop: 1.1825
Position : – Long at 1.1845
Target : – 1.1945
Stop : – 1.1825
The single currency met renewed selling interest at 1.1920 yesterday and slipped, however, as this move from 1.1961 is still viewed as retracement of recent rise, reckon downside would be limited to 1.1825-30 and bring another rebound later, above 1.1900 would bring test of said resistance at 1.1920 but break there is needed to signal the retreat from this week’s high at 1.1961 has ended, bring retest of this level first.
In view of this, we are holding on to our long position entered at 1.1845. Below 1.1825-30 would defer and risk weakness to 1.1805-10 (61.8% Fibonacci retracement of 1.1713-1.1961) but break there is needed to signal a temporary top has been formed at 1.1961, bring correction of recent rise to 1.1770-80.
