EUR/USD – 1.0799
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0793
Kijun-Sen level : 1.0800
Ichimoku cloud top : 1.0795
Ichimoku cloud bottom : 1.0769
Original strategy :
Buy at 1.0725, Target: 1.0840, Stop: 1.0690
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0725, Target: 1.0840, Stop: 1.0690
Position : –
Target : –
Stop : –
As the single currency retreated after rising to 1.0825 yesterday, suggesting minor consolidation below this level would be seen and pullback to 1.0750-60 cannot be ruled out, however, reckon support at 1.0719 would limit downside and bring another rise later, above indicated resistance at 1.0825-29 would extend further rise to 1.0850-60 but loss of near term upward momentum should prevent sharp move beyond 1.0880 and price should falter below 1.0900, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and we are looking to buy euro on subsequent pullback as 1.0719 support should limit downside and bring another rise later. Below 1.0690-00 would defer and suggest top is possibly formed, risk weakness to 1.0640 (previous resistance now support) but still reckon indicated support at 1.0600 would remain intact.
