EUR/USD – 1.1702
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1698
Kijun-Sen level : 1.1700
Ichimoku cloud top : 1.1663
Ichimoku cloud bottom : 1.1649
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency found support at 1.1650 and has recovered, suggesting further recovery to 1.1725-30 cannot be ruled out, however, break of this week’s high at 1.1777 is needed to signal recent upmove has once again resumed and extend gain to 1.1784-85 (50% projection of 1.1370-1.1712 measuring from 1.1613). then 1.1800 but loss of near term upward momentum should prevent sharp move beyond 1.1820-25 (61.8% projection), risk from there has increased for a retreat later.
As near term outlook is mixed, would be prudent to stand aside in the meantime. Below 1.1670-75 would bring test of said support at 1.1650 but break there is needed to signal a temporary top is possibly formed, bring further weakness towards support at 1.1613, having said that, price should stay well above previous resistance at 1.1583 (now support), bring another rise later.
