EUR/USD – 1.1844
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1840
Kijun-Sen level : 1.1796
Ichimoku cloud top : 1.1761
Ichimoku cloud bottom : 1.1749
Original strategy :
Buy at 1.1780, Target: 1.1880, Stop: 1.1745
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1780, Target: 1.1880, Stop: 1.1745
Position : –
Target : –
Stop : –
As the single currency has rallied after finding renewed buying interest at 1.1713 and broke above 1.1809 resistance, signaling the correction from 1.1861 (last week’s high) has ended and retest of this level would be seen, however, break there is needed to retain bullishness and confirm recent upmove has resumed for headway to 1.1880 resistance, then 1.1900-10 but near term overbought condition should limit upside to 1.1940-50.
In view of this, we are looking to buy euro on pullback as 1.1775-80 should limit downside and bring another rise later. Below the lower Kumo (now at 1.1749) would abort and signal the rebound from 1.1713 has ended instead, bring retest of this level later.
