EUR/USD – 1.1393
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1411
Kijun-Sen level : 1.1410
Ichimoku cloud top : 1.1355
Ichimoku cloud bottom : 1.1350
Original strategy :
Buy at 1.1355, Target: 1.1455, Stop: 1.1320
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1335, Target: 1.1440, Stop: 1.1300
Position : –
Target : –
Stop : –
As the single currency has retreated after faltering below resistance at 1.1446, suggesting consolidation below this level would be seen and pullback to 1.1355-60 cannot be ruled out, however, reckon support at 1.1312 would limit downside and bring another rise later, above said last week’s high at 1.1446 would confirm recent upmove has resumed for headway to 1.1475-80 but price should falter below 1.1500.
In view of this, we are looking to buy euro on dips but one should exit on subsequent rally. Below said support at 1.1312 would abort and signal top has been formed at 1.1446, bring retracement of recent rise to 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446), then towards 1.1270.
