EUR/USD – 1.1010
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0994
Kijun-Sen level : 1.0969
Ichimoku cloud top : 1.0913
Ichimoku cloud bottom : 1.0888
Original strategy :
Sold at 1.1000, Target: 1.0900, Stop: 1.1035
Position : – Short at 1.1000
Target : – 1.0900
Stop : – 1.1035
New strategy :
Hold short entered at 1.1000, Target: 1.0900, Stop: 1.1035
Position : – Short at 1.1000
Target : – 1.0900
Stop : – 1.1035
Euro has surged again today, suggesting caution on our near term bearishness but as long as resistance at 1.1025 holds, prospect of another retreat remains, below 1.0960 would suggest an intra-day top is formed, bring weakness to 1.0920-25, break there would confirm and further fall to 1.0900 and possibly 1.0880 would follow, however, reckon downside would be limited to 1.0855-60 and support at 1.0839 should remain intact.
In view of this, we are holding on to our short position entered at 1.1000. Above 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.
