EUR/USD – 1.1192
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1207
Kijun-Sen level : 1.1241
Ichimoku cloud top : 1.1209
Ichimoku cloud bottom : 1.1209
Original strategy :
Bought at 1.1235, stopped at 1.1200
Position : – Long at 1.1235
Target : –
Stop : – 1.1200
New strategy :
Sell at 1.1240, Target: 1.1140, Stop: 1.1275
Position : –
Target : –
Stop : –
Although the single currency surged to as high as 1.1296, lack of follow through buying on break of previous resistance at 1.1285 and the subsequent reversal signal top has been formed there and consolidation with downside bias is seen for weakness to previous support at 1.1166 but break there is needed to add credence to this view, bring further fall to 1.1135-40, then towards another previous support at 1.1109.
In view of this, we are looking to sell euro on recovery as 1.1235-40 should limit upside. Above 1.1260-65 would defer and risk rebound to 1.1280 but price should falter below said resistance at 1.1296 and bring another decline later.
