EUR/USD – 1.1749
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1746
Kijun-Sen level : 1.1768
Ichimoku cloud top : 1.1809
Ichimoku cloud bottom : 1.1792
Original strategy :
Bought at 1.1790, stopped at 1.1755
Position : – Long at 1.1790
Target : –
Stop : – 1.1755
New strategy :
Buy at 1.1700, Target: 1.1800, Stop: 1.1665
Position : –
Target : –
Stop : –
Although the single currency has dropped again after meeting renewed selling interest at 1.1822 and near term downside risk remains for the fall from 1.1861 (last week’s high) to bring retracement of recent upmove to 1.1700-10 (50% Fibonacci retracement of 1.1554-1.1861), however, still reckon 1.1671-78 (61.8% Fibonacci retracement and previous resistance) would contain downside and bring another rise later, above 1.1770-75 would bring rebound to 1.1800 but only break of said resistance at 1.1822 would retain bullishness and signal the fall from 1.1861 top has ended, bring retest of this level later.
In view of this, we are looking to buy euro on next decline. Only below 1.1671-78 would defer and signal top has been formed instead, bring a stronger retracement of recent rise to 1.1650, then test of previous support at 1.1637 which is likely to hold from here.
