EUR/USD – 1.0871
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0866
Kijun-Sen level : 1.0866
Ichimoku cloud top : 1.0908
Ichimoku cloud bottom : 1.0880
Original strategy :
Sell at 1.0930, Target: 1.0820, Stop: 1.0965
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0955, Target: 1.0840, Stop: 1.0990
Position : –
Target : –
Stop : –
As the single currency has recovered after falling briefly to 1.0839, suggesting consolidation above this level would be seen and corrective bounce to 1.0895-00 is likely, however, reckon upside would be limited to 1.0930-35 and renewed selling interest should emerge around 1.0955-60, bring another decline later. A break of said support at 1.0839 would extend the fall from 1.1025 top for at least a strong retracement of early upmove towards 1.0800 but reckon 1.0770-75 would hold from here.
In view of this, we are looking to sell euro on recovery as 1.0955-60 should limit upside. Above 1.0970 would defer and risk a stronger rebound but a break above resistance at 1.0997 is needed to signal pullback from 1.1025 has ended, bring retest of this level later.
