EUR/USD – 1.1940
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1945
Kijun-Sen level : 1.1951
Ichimoku cloud top : 1.1917
Ichimoku cloud bottom : 1.1900
New strategy :
Buy at 1.1905, Target: 1.2005, Stop: 1.1870
Position : –
Target : –
Stop : –
Although the single currency retreated after meeting resistance at 1.1988 on Friday, last week’s anticipated rebound from 1.1838 suggests low has possibly been formed there and downside should be limited to 1.1900-05, bring another rebound later 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 and then 1.2050-55.
In view of this, we are looking to buy euro again on dips as 1.1900-05 should limit downside and bring another rebound. Below 1.1865-70 would abort and suggest the rebound from 1.1838 (last week’s low) has ended, bring retest of this level first.
