EUR-USD pair: Daily Candlestick and Ichimoku Analysis

Daily

Last Candlesticks pattern: Morning Star
Trend bias: Up

EUR-USD – 1.3111

The EUR has continued to move higher and recent rise gathered momentum last week, adding credence to our view that early decline from 1.4940 has indeed ended at 1.2042 and indicated targets at 1.2885 (38.2% Fibo retracement of 1.4248-1.2042) and 1.2930-35 (61.8% Fibo retracement of 1.3486-1.2042) had been met, Bullishness remains for a stronger retracement of medium term downtrend to 1.3200, then previous resistance at 1.3284, but, the near term overbought condition should prevent sharp move beyond there and the resistance at 1.3385 should cap the upside action and bring on a retreat.

On the downside: a pullback to 1.3050 and possibly 1.3000 cannot be ruled out in here, Friday’s low at 1.2982 may contain any downside and bring another rally. Only a daily close below this level would suggest top is possibly formed and risk minor correction to 1.2915 (38.2% Fibo retracement of 1.2503-1.3169) but the Tenkan-Sen now at 1.2835 and previous support at 1.2755 should hold, and bring on another rise later to the upside targets.

Analyst’s recommendation: Buy again at 1.3005 for 1.3205 with stop below 1.2905

Paul A. Ebeling, Jnr.

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.

Copyright Live Trading News All rights reserved.