EUR/USD – 1.1865
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1844
Kijun-Sen level : 1.1827
Ichimoku cloud top : 1.1802
Ichimoku cloud bottom : 1.1775
Original strategy :
Sold at 1.1850, Target: 1.1750, Stop: 1.1885
Position : – Short at 1.1850
Target : – 1.1750
Stop : – 1.1885
New strategy :
Hold short entered at 1.1850, Target: 1.1750, Stop: 1.1885
Position : – Short at 1.1850
Target : – 1.1750
Stop : – 1.1885
The single currency retreated after intra-day rise to 1.1869, suggesting minor top is possibly formed and consolidation below this level is seen with mild downside bias for test of 11.0785 support, however, break there is needed to add credence to this view, bring retracement of recent upmove to 1.1750-60 but reckon downside would be limited to previous support at 1.1723 and bring rebound later.
In view of this, we are holding on to our short position entered at 1.1850. A break of said resistance at 1.1869 would signal recent upmove has resumed and extend gain towards 1.1900-05 (61.8% projection of 1.1370-1.1777 measuring from 1.1650) before correction takes place.
