EUR/USD – 1.1923
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1905
Kijun-Sen level : 1.1905
Ichimoku cloud top : 1.1905
Ichimoku cloud bottom : 1.1902
Original strategy :
Sell at 1.1955, Target: 1.1855, Stop: 1.1990
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1980, Target: 1.1880, Stop: 1.2015
Position : –
Target : –
Stop : –
Current rebound in part due to dollar’s broad-based weakness suggests consolidation with initial upside bias would be seen and gain to 1.1950-55 cannot be ruled out, however, reckon upside would be limited to resistance at 1.1980 and bring another decline later. Below 1.1885-90 would bring weakness to 1.1850, break there would signal the rebound from 1.1823 has ended, then test of this level would follow, break there would add credence to our view that top has been formed at 1.2070 earlier and extend the fall from there to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070), then 1.1790-00 but downside should be limited to previous support at 1.1773.
In view of this, we are looking to sell euro again on recovery as 1.1980 resistance should limit upside. Only a firm break above said resistance at 1.1980 would abort and signal the fall from 1.2070 has ended at 1.1823 yesterday, bring further gain to 1.2000 and possibly towards 1.2025-30.
