EUR/USD – 1.1529
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1525
Kijun-Sen level : 1.1547
Ichimoku cloud top : 1.1534
Ichimoku cloud bottom : 1.1497
Original strategy :
Buy at 1.1495, Target: 1.1595, Stop: 1.1460
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1495, Target: 1.1595, Stop: 1.1460
Position : –
Target : –
Stop : –
As the single currency has retreated after surging to 1.1583 yesterday, suggesting consolidation below this level would be seen and pullback to 1.1500-05 (38.2% Fibonacci retracement of 1.1370-1.1583) cannot be ruled out, however, reckon previous resistance at 1.1490 would contain downside and bring another upmove later, above said resistance at 1.1583 would extend recent upmove to 1.1600-10 and then 1.1630 but loss of upward momentum should prevent sharp move beyond 1.1650-60.
In view of this, we are looking to buy euro on further pullback as previous resistance at 1.1490 should turn into support and contain downside, bring another rise. Below 1.1475-76 (another previous resistance and 50% Fibonacci retracement of 1.1370-1.1583) would defer and signal top is formed, risk correction to 1.1450-55 (61.8% Fibonacci retracement) and then test of support at 1.1435 which is likely to hold from here.
