EUR/USD – 1.1185
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1192
Kijun-Sen level : 1.1196
Ichimoku cloud top : 1.1190
Ichimoku cloud bottom : 1.1174
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency met resistance at 1.1220 yesterday and has retreated, suggesting consolidation below this level would be seen and weakness to 1.1160 cannot be ruled out, however, break of indicated support at 1.1139 is needed to signal the rebound from 1.1119 (last week’s low) has ended and bring resumption of recent decline for retest of 1.1119, then towards 1.1095-00.
On the upside, above said resistance at 1.1220 would signal the erratic rise form 1.1119 is still in progress for gain to 1.1228-30 (61.8% Fibonacci retracement of 1.1296-1.1119), however, reckon upside would e limited to 1.1260-70 and price should falter well below resistance at 1.1296, bring retreat later. As near term outlook is mixed, would be prudent to stand aside for now.
