EUR-USD – 1.3240

Most recent candlesticks pattern : N/A

Trend : Near term up

Tenkan-Sen level :1.3245
Kijun-Sen level :1.3240
Ichimoku cloud top :1.3219
Ichimoku cloud bottom :1.3126

Original strategy : Buy at 1.3135, Target: 1.3260, Stop: 1.3100

New strategy : Buy at 1.3135, Target: 1.3260, Stop: 1.3100

As EUR has retreated after intra-day brief rise to 1.3293, suggesting consolidation below this mark would take place and test of support at 1.3182-86 would be seen, but, renewed buying interest should come in around 1.3130-35; 50% Fibonacci retracement of 1.2975-1.3293, and bring another rise after.

A break of the resistance would extend recent up-move to 1.3335-40, 50% projection of 1.2975-1.3277 measuring from 1.3186, but, loss of near term up-ward momentum should prevent a sharp move beyond 1.3370-75, the 61.8% projection and bring another Strong pullback later.

In view of this, I am looking to buy EUR on a further corrective fall. Only below the Ichimoku cloud bottom, now at 1.3126, would abort and signal a temporary Top is formed and risk correction to 1.3100 and then 1.3075/80 after.

 

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.
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Posted by Shayne Heffernan on Feb 22nd, 2012and filed underCurrencies, Europe, Foreign Exchange, Foreign Exchange, Forex, Latest News, News & Events, Paul Ebeling, Technical Analysis.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.