EUR/USD – 1.1173
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1169
Kijun-Sen level : 1.1153
Ichimoku cloud top : 1.1166
Ichimoku cloud bottom : 1.1137
Original strategy :
Sell at 1.1185, Target: 1.1085, Stop: 1.1220
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1190, Target: 1.1090, Stop: 1.1225
Position : –
Target : –
Stop : –
The single currency has rebounded again after holding above this week’s low at 1.1119, suggesting further consolidation would be seen and near term upside risk remains for retracement to 1.1185-90 (38.2% Fibonacci retracement of 1.1296-1.1119), however, upside should be limited and price should falter below 1.1207-13 (50% Fibonacci retracement and previous resistance), bring another decline later, below 1.1135-40 would suggest the rebound from 1.1119 has ended, brig retest of this level, below there would confirm recent decline has resumed for further weakness to previous support at 1.1109, then towards 1.1075-80 but loss of near term downward momentum should prevent sharp fall below 1.1050.
In view of this, we are looking to sell euro on recovery as 1.1185-90 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.
