EUR/USD – 1.0925
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0954
Kijun-Sen level : 1.0974
Ichimoku cloud top : 1.0965
Ichimoku cloud bottom : 1.0934
Original strategy :
Sell at 1.0990, Target: 1.0890, Stop: 1.1025
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0980, Target: 1.0880, Stop: 1.1015
Position : –
Target : –
Stop : –
Although the single currency opened higher earlier today, lack of follow through buying and the subsequent retreat from 1.1025 suggest a temporary top has possibly been formed and consolidation below this level would be seen with mild downside bias for weakness to 1.0900, break there would add credence to this view, bring correction to support at 1.0875 which is likely to hold on first testing.
In view of this, we are looking to sell euro on recovery as 1.0995-00 should limit upside and bring another retreat. Above said resistance at 1.1025 would abort and signal recent upmove from 1.0340 low has resumed for headway to 1.1050 but reckon upside would be limited to 1.1065-70 (61.8% projection of 1.0602-1.0951 measuring from 1.0851).
