EUR/USD – 1.1123
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1113
Kijun-Sen level : 1.1111
Ichimoku cloud top : 1.1141
Ichimoku cloud bottom : 1.1076
Original strategy :
Buy at 1.1055, Target: 1.1155, Stop: 1.1020
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1055, Target: 1.1155, Stop: 1.1020
Position : –
Target : –
Stop : –
Although the single currency has rebounded after finding support at 1.1076 and consolidation with mild upside bias is seen for gain to 1.1140-45, break there is needed to signal the retreat from yesterday’s high of 1.1172 has ended, bring retest of this level, break there would extend recent upmove to 1.1200-10 (1.618 times projection of 1.0839-1.0990 measuring from 1.0965) but loss of momentum should limit upside and 1.1250 should hold. If said resistance continues to hold, then further consolidation would take place and another corrective fall to 1.0076 cannot be ruled out but downside should be limited to 1.1050-55 and bring another rise later.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.1065-70 should limit downside. Below previous resistance at 1.1025 (now support) would defer and suggest top is possibly formed instead, risk test of another previous resistance at 1.0990 first.
