EUR/USD – 1.0973
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0982
Kijun-Sen level : 1.0933
Ichimoku cloud top : 1.0909
Ichimoku cloud bottom : 1.0899
Original strategy :
Buy at 1.0900, Target: 1.1000, Stop: 1.0870
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0920, Target: 1.1020, Stop: 1.0885
Position : –
Target : –
Stop : –
Euro finally broke above indicated resistance at 1.0951 (last week’s high), confirming our view that recent upmove from 1.0340 low has resumed and bullishness remains for this move to extend further gain to 1.1000, then towards 1.1025 (50% projection of 1.0602-1.0951 measuring from 1.0851) but reckon upside would be limited to 1.0050-60, risk from there is seen for a retreat later.
In view of this, would not chase this move here and would be prudent to buy euro on subsequent pullback as 1.0915-20 should limit downside. Only below support at 1.0875 (yesterday’s low) would abort and signal top is formed instead, bring correction to support at 1.0851 but price should stay above 1.0821 support, bring another rise later.
