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EUR/USD – 1.3115
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level :1.3120
Kijun-Sen level :1.3131
Ichimoku cloud top :1.3095
Ichimoku cloud bottom :1.3054
Original strategy :
Sell at 1.3210, Target: 1.3055, Stop: 1.3245
Position: -
Target: -
Stop:-
New strategy :
Sell at 1.3210, Target: 1.3055, Stop: 1.3245
Position: -
Target: -
Stop:-
Euro has continued to find support just above the Ichimoku cloud top, retaining our view that near term upside risk remains for recent upmove from 1.2624 low to resume after consolidation, however, loss of near term upward momentum should prevent sharp move beyond resistance at 1.3199 and reckon 1.3213 (previous support) would limit upside, bring another retreat later. Below the lower Kumo (now at 1.3054) would suggest a temporary top is possibly formed, bring retracement to 1.2990-00 but support at 1.2931 should remain intact.
In view of this, still prefer to sell euro on next upmove. Above 1.3235-40 would extend gain towards 1.3260 but reckon 1.3280 would cap upside, bring correction later.
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