EUR/USD - 1.4333

Trend : Up

Tenkan-Sen level : 1.4267
Kijun-Sen level : 1.4278
Ichimoku cloud top : 1.4309
Ichimoku cloud bottom : 1.4304

New strategy

Buy at 1.4333, Target: 1.4393, Stop: 1.4300

Despite falling to 1.4191 last Friday after the release of slightly better-than-expected U.S. job reports, the subsequent strong rebound on cross-buying of euro versus Japanese yen suggests gain towards 1.4407 resistance would be seen, however, break of recent high at 1.4448 is needed to 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.

In view of near term overbought condition, we would not chase this move at current level and we prefer to buy euro on pullback. Only break of 1.4177 support would prolong choppy trading below recent high at 1.4448 and bring another fall to 1.4120/30.