EUR-USD - 1.3177
Trend : Near term down
Tenkan-Sen level :1.3118 Kijun-Sen level :1.3115 Ichimoku cloud top :1.3079 Ichimoku cloud bottom :1.3040
New strategy : Stand aside
Position: - None Target: - None Stop:- None
Euro's rally after breaking resistance at 1.3120 Thursday's high adds credence to my POV that a temporary low has been formed at 1.3005, and retracement of recent decline to previous resistance at 1.3192 would be seen, but a break above there is needed to retain Bullishness and bring a stronger rebound towards 1.3245-50, 50% Fibonacci retracement of 1.3486-1.3005, later which is likely to limit the upside.
On the Downside: a pull back to 1.3135-40 is likely, to 1.3115-20, the current level of the Kijun-Sen and previous resistance, should limit any downside and bring another rise later.
A breach of the Ichimoku cloud top, now at 1.3079, will suggest that a Top is formed instead and risk test of intra-day support at 1.3049, a clear break there confirms, and bring weakness to the lower Kumo, now at 1.3040, first.
I would not chase this rise now, and believe it prudent to stand aside in here.
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.