EUR/USD – 1.1782
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1804
Kijun-Sen level : 1.1809
Ichimoku cloud top : 1.1784
Ichimoku cloud bottom : 1.1762
Original strategy :
Bought at 1.1790, Target: 1.1890, Stop: 1.1770
Position : – Long at 1.1790
Target : – 1.1890
Stop : – 1.1770
New strategy :
Hold long entered at 1.1790, Target: 1.1890, Stop: 1.1770
Position : – Long at 1.1790
Target : – 1.1890
Stop : – 1.1770
As the single currency has retreated after meeting resistance at 1.1847 on Friday, suggesting consolidation below this level would be seen, however, reckon 1.1770 would limit downside and bring another rebound, above said resistance at 1.1847 would add credence to our view that low has been formed at 1.1689 last week, bring further gain to 1.1880 but a firm break above there is needed to confirm correction from 1.1910 top has ended, bring retest of this level.
In view of this, we are holding on to our long position entered at 1.1790. Only below support at 1.1748 would defer and risk weakness to 1.1720, however, downside should be limited to 1.1700 and support at 1.1689 should remain intact, bring another rally later.
