EUR/USD – 1.1135
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1133
Kijun-Sen level : 1.1142
Ichimoku cloud top : 1.1176
Ichimoku cloud bottom : 1.1164
Original strategy :
Sell at 1.1185, Target: 1.1085, Stop: 1.1220
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1175, Target: 1.1085, Stop: 1.1210
Position : –
Target : –
Stop : –
Yesterday’s breach of previous support at 1.1132 confirms recent decline has resumed and bearishness remains for further weakness to previous support at 1.1109, however, break there is needed to retain our bearish view and extend subsequent selloff to 1.1075-80 but loss of near term downward momentum should prevent sharp fall below 1.1050, risk from there is seen for a rebound later.
In view of this, we are looking to sell euro on recovery as 1.1175-80 should limit upside. Only above 1.1213 resistance would defer and risk a stronger rebound to 1.1230-35 but upside should be limited to 1.1260-70, bring another decline later.
