EUR/USD – 1.0980
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0958
Kijun-Sen level : 1.0952
Ichimoku cloud top : 1.0887
Ichimoku cloud bottom : 1.0883
Original strategy :
Sell at 1.0995, Target: 1.0880, Stop: 1.1030
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1000, Target: 1.0900, Stop: 1.1035
Position : –
Target : –
Stop : –
Euro has staged a strong rebound after falling to 1.0839, suggesting consolidation above this level would be seen and near term upside risk remains for further gain to 1.0997 resistance, however, if our view that top has been formed at 1.1025 is correct, upside would be limited and price should falter below recent high at 1.1025, bring another decline later. Below 1.0895-00 would bring weakness to 1.0855-60 but break there is needed to retain bearishness an extend the fall from 1.1025 top to 1.0821, then 1.0795-00 later.
In view of this, we are still looking to sell euro on further subsequent rebound as 1.0997 resistance should limit upside. Only break of said resistance at 1.1025 would abort and signal early upmove has resumed instead, bring further gain to 1.1050-55 and later 1.1075-80 before prospect of another retreat.
