EUR/USD – 1.1203
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1199
Kijun-Sen level : 1.1174
Ichimoku cloud top : 1.1214
Ichimoku cloud bottom : 1.1163
Original strategy :
Sell at 1.1220, Target: 1.1120, Stop: 1.1255
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1235, Target: 1.1135, Stop: 1.1270
Position : –
Target : –
Stop : –
As the single currency has continued trading with a firm undertone and near term upside risk remains for the rebound from 1.1132 (last week’s low) to extend gain towards 1.1230-35 (61.8% Fibonacci retracement of 1.1296-1.1132), however, if our view that top has been formed at 1.1296 is correct, upside should be limited and bring retreat 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 further recovery as 1.1230-35 (61.8% Fibonacci retracement of 1.1296-1.1132) should limit upside and bring another decline. Above 1.1260-70 would defer and risk a stronger rebound but price should falter well below said resistance at 1.1296, bring another decline later.
