EUR/USD – 1.0913
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0918
Kijun-Sen level : 1.0944
Ichimoku cloud top : 1.0986
Ichimoku cloud bottom : 1.0950
Original strategy :
Sell at 1.0980, Target: 1.0880, Stop: 1.1015
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0970, Target: 1.0870, Stop: 1.1005
Position : –
Target : –
Stop : –
Euro’s selloff after yesterday’s initial brief rise to 1.1025 suggests top has been formed there and consolidation with mild downside bias is seen for further fall to 1.0875 support, however, break there is needed to add credence to this view, bring retracement of recent rise to 1.0851 support which is likely to hold from here due to near term overbought condition.
In view of this, we are looking to sell euro on recovery but at a lower level as 1.0970-80 should limit upside. Above resistance at 1.0997 would bring retest of said yesterday’s high at 1.1025, however, break there is needed to 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).
