Commerce Concept Wrap-up: EUR/USD – Purchase at 1.1130

EUR/USD – 1.1176

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1189

Kijun-Sen level                  : 1.1198

Ichimoku cloud top             : 1.1190

Ichimoku cloud bottom      : 1.1160

Original strategy  :

Buy at 1.1155, Target: 1.1265, Stop: 1.1120

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1130, Target: 1.1230, Stop: 1.1095

Position : –

Target :  –

Stop : –

As the single currency has retreated after rising to 1.1234, retaining our view that consolidation below this level would be seen and pullback to previous support at 1.1154 is likely, however, reckon 1.1120-30 (previous resistance and 38.2% Fibonacci retracement of 1.0961-1.1234) would limit downside and bring another rise later, above 1.1205-10 would bring test of 1.1234-37 (said resistance and previous support) but break there is needed to extend the upmove from 1.0912 to 1.1265-70 (1.236 times projection of 1.0952-1.1120 measuring from 1.1068) and later 1.1300-10.

In view of this, we are still looking to buy euro on further subsequent pullback as 1.1120-30 should limit downside. Only below 1.1095-00 (50% Fibonacci retracement of 1.0961-1.1234) would abort and signal top has been formed instead, risk correction to 1.1065-68 (61.8% Fibonacci retracement and previous support).

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