EUR/USD – 1.0637
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0623
Kijun-Sen level : 1.0632
Ichimoku cloud top : 1.0666
Ichimoku cloud bottom : 1.0651
Original strategy :
Bought at 1.0640, stopped at 1.0610
Position : – Long at 1.0640
Target : –
Stop : – 1.0610
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency slipped to as low as 1.0600, as euro found good support there and has rebounded again, suggesting consolidation above this level would be seen and gain to 1.0660-65 cannot be ruled out, however, break there is needed to signal low is formed, bring further gain to 1.0680-85 but price should falter below this week’s high at 1.0714.
On the downside, below said support at 1.0600 would signal top has been formed at 1.0714 and downside risk remains for the fall from there to bring retracement of recent rise to 1.0570-75, then 1.0550 but reckon downside would be limited and support at 1.0525 should remain intact. As near term outlook is mixed, would be prudent to stand aside in the meantime.
