EUR/USD – 1.0725
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0724
Kijun-Sen level : 1.0742
Ichimoku cloud top : 1.0726
Ichimoku cloud bottom : 1.0695
Original strategy :
Buy at 1.0690, Target: 1.0790, Stop: 1.0655
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0690, Target: 1.0790, Stop: 1.0655
Position : –
Target : –
Stop : –
Euro’s retreat after rising to 1.0778 yesterday suggests a temporary top has been made there and consolidation with mild downside bias is seen for correction to 1.0690-00 (50% Fibonacci retracement of 1.0602-1.0778 and previous support), however, renewed buying interest should emerge there and bring another rise later to 1.0783-85 (61.8% projection of 1.0602-1.0737 measuring from 1.0700), then 1.0800-10 but loss of near term upward momentum should prevent sharp move beyond 1.0825-30, risk from there is seen for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.0690-00 should limit downside. Only below previous resistance at 1.0670 (now support) would abort and signal top is formed instead, bring correction towards previous support at 1.0635 which is likely to hold from here.
