EUR/USD - 1.2338

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.2373 Kijun-Sen level :1.2290 Ichimoku cloud top :1.2294 Ichimoku cloud bottom :1.2239

New strategy :

Buy at 1.2255, Target: 1.2355, Stop: 1.2205

Although euro has retreated after rising to 1.2433 this morning and weakness to the Kijun-Sen (now at 1.2290) is likely, however, renewed buying interest should emerge around 1.2250/55 (approx. 61.8% Fibonacci retracement of 1.2143 to 1.2433) and the Ichimoku cloud bottom (now at 1.2239) should hold, bring another rebound later. Above said resistance would signal recent decline is being retraced and extend the rise from 1.2143 temporary low towards 1.2500/10 (approx. 38.2% Fibonacci retracement of 1.3095 to 1.2143).

In view of this, we are looking to buy euro on further fall. Below previous minor resistance at 1.2229 should would abort and risk another fall towards 1.2143.