EUR/USD – 1.1826
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1834
Kijun-Sen level : 1.1847
Ichimoku cloud top : 1.1854
Ichimoku cloud bottom : 1.1821
Original strategy :
Buy at 1.1805, Target: 1.1905, Stop: 1.1770
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1800, Target: 1.1900, Stop: 1.1765
Position : –
Target : –
Stop : –
Although euro’s retreat from 1.1880 (this week’s high) has retained our view that minor consolidation below this level would be seen and pullback to 1.1800-01 (50% Fibonacci retracement of 1.1719-1.1880 and previous support) cannot be ruled out, reckon downside would be limited and bring another rise later, above 1.1855-60 would signal pullback from said resistance at 1.1880 has ended, bring retest of this level, break there would signal the rise from 1.1669 low has resumed for headway to 1.1895-00 (61.8% Fibonacci retracement of 1.2035-1.1669).
In view of this, would not chase this rise here and we are still looking to buy euro on subsequent pullback as 1.1800-05 should limit downside and bring another rebound. Below minor support at 1.1795 would defer and risk correction to 1.1770 but downside should be limited to 1.1745-50 and price should stay above indicated support at 1.1719, bring another rise later.
