EUR/USD – 1.0895
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0890
Kijun-Sen level : 1.0895
Ichimoku cloud top : 1.0971
Ichimoku cloud bottom : 1.0941
Original strategy :
Sell at 1.0970, Target: 1.0870, Stop: 1.1005
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0955, Target: 1.0855, Stop: 1.0990
Position : –
Target : –
Stop : –
As the single currency has recovered after falling to 1.0863, suggesting minor consolidation above this level would be seen and recovery to 1.0920-25 cannot be ruled out, however, if our view that top has been formed at 1.1025 is correct, upside should be limited to 1.0960-70 and bring another decline later, below said support at 1.0863 would add credence to this view and extend the fall from there for retracement of recent rise to 1.0851 support and possibly towards 1.0825-30 but reckon 1.0800 would hold from here due to near term overbought condition.
In view of this, we are looking to sell euro on recovery as 1.0960-70 should limit upside. Above resistance at 1.0997 would bring retest of said resistance 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).
