EUR/USD – 1.1969
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1947
Kijun-Sen level : 1.1928
Ichimoku cloud top : 1.1917
Ichimoku cloud bottom : 1.1894
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency found support at 1.1838 yesterday and has staged the anticipated rebound, our long position entered at 1.1855 met target at 1.1955 (with 100 points profit) and mild upside bias remains for gain to 1.1995-00 (previous resistance and 61.8% Fibonacci retracement of 1.2093-1.1838), however, break there is needed to signal the fall from 1.2093 has ended, bring subsequent rise to 1.2030-35 but overbought condition should cap price below 1.2050.
As we have taken profit on our long position entered at 1.1855, would not chase this rise here and would be prudent to stand aside for now. Below 1.1920-25 would signal an intra-day top is formed instead, bring weakness to 1.1900 but break there is needed to confirm, then fall to 1.1870-75 would follow.
