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EUR/USD - 1.4388

Trend : Up

Tenkan-Sen level : 1.4343
Kijun-Sen level : 1.4290
Ichimoku cloud top : 1.4292
Ichimoku cloud bottom : 1.4285

New strategy

Buy at 1.4376, Target: 1.4426, Stop: 1.4346

As the single currency has risen after finding renewed buying interest right at the Tenkan-Sen, suggesting a retest of recent high at 1.4448 is under way, above there would confirm medium term upmove has resumed and extend to 1.4474 (50% projection of 1.2885 to 1.4339 measuring from 1.3747), then 1.4500. Having said that, overbought condition would limit upside to 1.4550 and risk from there has increased for a retreat later.

In view of the above analysis, we are still looking to buy euro on pullback. Break of the Ichimoku cloud (now at 1.4285-92) would risk 1.4240/50 but support at 1.4177-91 would contain downside.