EUR/USD – 1.1521
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1519
Kijun-Sen level : 1.1526
Ichimoku cloud top : 1.1546
Ichimoku cloud bottom : 1.1509
Original strategy :
Buy at 1.1495, Target: 1.1595, Stop: 1.1460
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1475, Target: 1.1575, Stop: 1.1440
Position : –
Target : –
Stop : –
As euro’s retreat from 1.1583 has kept price under pressure, retaining our view that further consolidation below this level would be seen and downside risk remains for pullback to 1.1500-05 (38.2% Fibonacci retracement of 1.1370-1.1583), however, reckon previous resistance at 1.1475-90 would limit downside and bring another upmove later, above said resistance at 1.1583 would extend recent upmove to 1.1600-10 and then 1.1630 but loss of upward momentum should prevent sharp move beyond 1.1650-60.
In view of this, we are looking to buy euro on further pullback as previous resistance at 1.1475 should turn into support and contain downside, bring another rise. Below 1.1451 (61.8% Fibonacci retracement of 1.1370-1.1583) would defer and signal top is formed, risk correction to support at 1.1435 first.
