The single currency moved higher after a brief retreat in New York to 133.99 (our site is genuine 133.65), cost only tested the Kijun-Sen as Tenkan-Sen has already started turning up, raising the odds are slightly bullish growth of 132.37 to a stronger correction to the recent decline 135.35/38 (50% Fibonacci retracement of 138.33 to 132.37 and the previous resistance), however, the price should falter under the 61.8% correction level 136.05, this level is also very near future Ichimoku cloud bottom level.
Therefore, we are still looking to buy EUR / Yen for the withdrawal of such a move. If the price falls below 133.40 (approximately 61,8% Fibonacci retracement of the rise from 132.37), but only a clear break below 133.04 support will terminate this mildly bullish scenario and signal recovery from 132.37 complete then dropped 139.26 top will continue to re-visit the 132.37 support.
Thursday, July 07, 2011
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