EUR/USD – 1.1206
Most recent candlesticks pattern  : N/A
Trend                     : Up
Tenkan-Sen level             : 1.1207
Kijun-Sen level                 : 1.1192
Ichimoku cloud top            : 1.1231
Ichimoku cloud bottom     : 1.1211
New strategy :
Sell at 1.1230, Target: 1.1130, Stop: 1.1265
Position : –
Target :Â –
Stop : –
Although the single currency rebounded after falling to 1.1166 on Friday and initial upside risk is seen for this rebound to extend gain towards 1.1231-37 (current level of the upper Kumo and previous resistance), however, reckon 1.1250 would hold, bring retreat later, below 1.1180 would bring retest of 1.1166 but break there is needed to extend the fall from 1.1285 top for retracement of early upmove to 1.1145-50 and then towards 1.1120 but support at 1.1109 should hold from here.
In view of this, we are inclined to sell euro on further subsequent recovery. Above 1.1265-70 would abort and bring retest of 1.1285, only break there would revive bullishness and confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 and later towards chart point at 1.1366.
