EUR/USD – 1.1181

Most recent candlesticks pattern   : N/A

Trend                      : Up

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Tenkan-Sen level              : 1.1198

Kijun-Sen level                  : 1.1198

Ichimoku cloud top             : 1.1216

Ichimoku cloud bottom      : 1.1216

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the single currency met renewed selling interest at 1.1235 and has fallen again, retaining our view that further consolidation below this week’s high of 1.1268 would be seen and mild downside is seen for correction to 1.1130 but reckon downside would be limited to 1.1100-05 (38.2% Fibonacci retracement of 1.0839-1.1268) and price should stay well above support at 1.1076, bring rebound later.

On the upside, expect recovery to be limited to 1.1215-20 and said resistance at 1.1235 should hold, bring further consolidation. A firm break of 1.1235 would signal the pullback from 1.1268 has ended, bring test of 1.1250, break there would confirm upmove has resumed for retest of 1.1268, then 1.1280-85 (61.8% projection of 1.0839-1.1172 measuring from 1.1076) and possibly towards 1.1300-10.

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