EUR/USD – 1.1667
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1648
Kijun-Sen level : 1.1636
Ichimoku cloud top : 1.1614
Ichimoku cloud bottom : 1.1599
New strategy :
Buy at 1.1600, Target: 1.1700, Stop: 1.1565
Position : –
Target : –
Stop : –
Current rally signals a temporary low has been made at 1.1554 earlier this week and consolidation with upside bias is seen for retracement of recent decline, hence further gain to 1.1691-96 (previous resistance and 50% Fibonacci retracement of 1.1837-1.1554) is likely, however, reckon upside would be limited to 1.1725-29 (previous support now resistance and 61.8% Fibonacci retracement), bring retreat later.
In view of this, we are looking to buy euro on pullback as 1.1600 should limit downside and bring another rebound later. Below 1.1625-30 would bring weakness to 1.1600, however, downside should be limited and bring another rebound. Below 1.1575-80 would defer and risk a retest of this week’s low at 1.1554 first.
