EUR/USD – 1.1264
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1244
Kijun-Sen level : 1.1244
Ichimoku cloud top : 1.1258
Ichimoku cloud bottom : 1.1245
New strategy :
Buy at 1.1240, Target: 1.1340, Stop: 1.1205
Position : –
Target : –
Stop : –
As the single currency found renewed buying interest just above previous support at 1.1202 and has staged another strong rebound, reviving our bullishness and above resistance at 1.1285 would confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 but overbought condition should limit upside to chart point at 1.1366.
In view of this, we are looking to buy euro again on dips as 1.1240-45 should limit downside. Only below support at 1.1202 would abort and suggest top is possibly formed, break of 1.1195-97 (50% Fibonacci retracement of 1.1109-1.1285) would add credence to this view, bring retracement of recent rise to indicated support at 1.1164 first.
