EUR/USD – 1.1375
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1358
Kijun-Sen level : 1.1281
Ichimoku cloud top : 1.1192
Ichimoku cloud bottom : 1.1189
Original strategy :
Buy at 1.1260, Target: 1.1360, Stop: 1.1225
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1280, Target: 1.1395, Stop: 1.1245
Position : –
Target : –
Stop : –
The single currency has continued moving higher after yesterday’s rally above previous resistance at 1.1296, confirming recent upmove has resumed and bullishness for further gain to 1.1400-05 (61.8% projection of 1.0839-1.1296 measuring from 1.1119), then towards 1.1430, however, near term overbought condition should prevent sharp move beyond 1.1450-60 and price should falter below 1.1500, risk from there is seen for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.1280-85 should limit downside. Below 1.1245-50 would defer and risk test of previous resistance at 1.1220 but break there is needed to confirm top is formed instead, bring correction towards 1.1180-85 later.
