EUR/USD – 1.1864
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1860
Kijun-Sen level : 1.1850
Ichimoku cloud top : 1.1894
Ichimoku cloud bottom : 1.1859
New strategy :
Buy at market level, Target: 1.1965, Stop: 1.1835
Position : –
Target : –
Stop : –
Although the single currency fell to as low as 1.1817 yesterday, the subsequent rebound suggests low is possibly formed there and consolidation with upside bias is seen for gain to 1.1895-00, however, break of indicated resistance at 1.1920 is needed to signal the pullback from 1.1961 has ended at 1.1817, bring further gain towards this level, break there would extend recent upmove to 1.1990-00 which is likely to hold from here.
In view of this, we are looking to buy euro again on dips. Below 1.1830-35 would risk retest of 1.1817 but only break there would signal the retreat from 1.1961 is still in progress for retracement of recent rise to 1.1805-10 (61.8% Fibonacci retracement of 1.1713-1.1961) and possibly towards 1.1770 but price should stay well above support at 1.1736, bring rebound later.
