EUR/USD – 1.1757
Most recent candlesticks pattern  : N/A
Trend                     : Near term up
Tenkan-Sen level             : 1.1748
Kijun-Sen level                 : 1.1738
Ichimoku cloud top            : 1.1771
Ichimoku cloud bottom     : 1.1752
Original strategy :
Buy at 1.1680, Target: 1.1780, Stop: 1.1645
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.1680, Target: 1.1780, Stop: 1.1645
Position : –
Target :Â –
Stop : –
Although the single currency has recovered after finding support at 1.1713 yesterday, reckon upside would be limited to 1.1780 and near term downside risk remains for the erratic fall from 1.1861 top to bring retracement of recent rise, below 1.1730 would extend weakness to 1.1700, however, reckon downside would be limited to 1.1671-78 (61.8% Fibonacci retracement of 1.1554-1.1861 or previous resistance) and bring rebound later to 1.1809 but break of resistance at 1.1822 is needed to signal the pullback from 1.1861 (last week’s high) has ended, bring retest of said resistance later.
In view of this, we are looking to buy euro on next decline as 1.1671-78 should limit downside and bring rebound later. Only below 1.1650 would defer and signal top has been formed instead, bring a stronger retracement of recent rise to previous support at 1.1637 first.Â
