EUR/USD – 1.0435
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.0459
Kijun-Sen level : 1.0477
Ichimoku cloud top : 1.0548
Ichimoku cloud bottom : 1.0536
New strategy :
Sell at 1.0480, Target: 1.0380, Stop: 1.0515
Position : –
Target : –
Stop : –
The single currency has fallen again after meeting renewed selling interest at 1.0490 earlier today, suggesting the selloff from last week’s high at 1.0654 is still in progress and may extend further weakness to 1.0400, however, break of previous support at 1.0372 is needed to retain bearishness and signal early downtrend has resumed for retest of 1.0352 low later.
In view of this, would not chase this fall here and would be prudent to sell euro on recovery as the Kijun-Sen (now at 1.0477) should limit upside and bring another decline. A break above previous support at 1.0506 (now resistance) would defer and risk a stronger rebound to the lower Kumo (now at 1.0536) first.
