EUR/USD – 1.1191
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1176
Kijun-Sen level : 1.1166
Ichimoku cloud top : 1.1220
Ichimoku cloud bottom : 1.1201
Original strategy :
Sell at 1.1210, Target: 1.1110, Stop: 1.1245
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1220, Target: 1.1120, Stop: 1.1255
Position : –
Target : –
Stop : –
As the single currency has rebounded after holding above yesterday’s low at 1.1132, suggesting consolidation above this level would be seen and corrective bounce to 1.1210-15 (50% Fibonacci retracement of 1.1296-1.1132) cannot be ruled out, however, reckon 1.1230-35 (61.8% Fibonacci retracement) would limit upside and bring another decline later. Below 1.1155-60 would bring retest of 1.1132, break there would extend recent decline from 1.1296 top to previous support at 1.1109.
In view of this, we are looking to sell euro on recovery as 1.1210-15 (50% Fibonacci retracement of 1.1296-1.1132) should limit upside and bring another decline. Above 1.1230-35 (61.8% Fibonacci retracement) would defer and risk a stronger rebound to 1.1250 but price should falter well below said resistance at 1.1296, bring another decline later.
