EUR-USD buy at 1.3360
EUR-USD - 1.3471
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level :1.3419 Kijun-Sen level :1.3372 Ichimoku cloud top :1.3288 Ichimoku cloud bottom :1.3270
Original strategy: Buy at 1.3300, Target: 1.3400, Stop: 1.3265
New strategy: Buy at 1.3360, Target: 1.3490, Stop: 1.3325
The EUR rose again after finding new buying interest at 1.3270 Thursday, and that action suggests the recent rise is still in progress for a further gain to 1.3490-00, but near term overbought condition should limit upside to 1.3509-16, 38.2% Fibonacci retracement of 1.4940-1.2624 and 100% projection of 1.2975-1.3293 measuring from 1.3198, preventing a sharp move beyond previous resistance at 1.3550, and the risk from there is for a strong pullback to take place.
That said, LTN's trade idea is to buy the EUR on a pullback, but at a higher level. Only below previous resistance at 1.3343 suggests that a top may have formed, and risk weakness to the Ichimoku cloud top now at 1.3288, but break of 1.3270, the previous support and current level of the Ichimoku cloud bottom is needed to confirm.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. www.livetradingnews.com