EUR/USD – 1.0650
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0645
Kijun-Sen level : 1.0643
Ichimoku cloud top : 1.0640
Ichimoku cloud bottom : 1.0615
Original strategy :
Sold at 1.0665, Target: 1.0565, Stop: 1.0680
Position : – Short at 1.0665
Target : – 1.0565
Stop : – 1.0680
New strategy :
Hold short entered at 1.0665, Target: 1.0565, Stop: 1.0675
Position : – Short at 1.0665
Target : – 1.0565
Stop : – 1.0675
Although the single currency slipped to 1.0602 initially yesterday, euro found good support there and has staged a strong rebound to 1.0670, suggesting further choppy trading would be seen, however, as long as resistance at 1.0670-78 holds, prospect of another decline remains, below said support at 1.0602 would bring test of 1.0589 support but break there is needed to signal decline has resumed for retest of 1.0570, (last week’s low), below there would extend the decline from 1.0906 to 1.0550-55 (50% projection of 1.0906-1.0635 measuring from 1.0689), then 1.0525-30.
In view of this, we are holding on to our short position entered at 1.0665. A firm break above said resistance at 1.0670-78 would abort and suggest low has been formed at 1,0570, bring a stronger rebound to 1.0698-02 (50% Fibonacci retracement of 1.0827-1.0570 and previous resistance).
