Commerce Concept Wrap-up: EUR/USD – Purchase at 1.1225

EUR/USD – 1.1265

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1267

Kijun-Sen level                  : 1.1272

Ichimoku cloud top             : 1.1254

Ichimoku cloud bottom      : 1.1235

Original strategy  :

Buy at 1.1225, Target: 1.1335, Stop: 1.1190

Position : –

Target :  –

Stop : –


New strategy  :

Buy at 1.1225, Target: 1.1335, Stop: 1.1190

Position : –

Target :  –

Stop : –

As the single currency retreated after rising to 1.1323 yesterday, retaining our view that consolidation below this level would be seen, however, reckon previous resistance at 1.1234 would turn into support and limit downside, bring another upmove, above said resistance at 1.1323 would signal recent erratic upmove is still in progress and extend gain to 1.1325-28 (1.618 times projection of 1.0912-1.1190 measuring from 1.0952 and 100% projection of 1.0952-1.1234 measuring from 1.1046 and  times projection), then 1.1350 but reckon upside would be limited to 1.1365-70 (1.618 times projection of 1.1046-1.1192 measuring from 1.1131).

In view of this, would be prudent to buy euro on pullback as previous resistance at 1.1234 should turn into support and limit downside. Only below 1.1192 (another previous resistance) would abort and suggest top is possibly formed, risk weakness towards 1.1153 support first.

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