EUR/USD – 1.1749
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1775
Kijun-Sen level : 1.1778
Ichimoku cloud top : 1.1811
Ichimoku cloud bottom : 1.1792
Original strategy :
Sell at 1.1840, Target: 1.1740, Stop: 1.1875
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1770, Target: 1.1670, Stop: 1.1805
Position : –
Target : –
Stop : –
Current selloff in NY morning on dollar’s broad-based strength suggests the rebound from 1.1728 has ended at 1.1824, hence consolidation with downside bias is seen, break of 1.1723-28 (previous support as well as 61.8% Fibonacci retracement of 1.1613-1.1910) would extend the fall from 1.1910 top for retracement of early upmove to 1.1700 and then 1.0670 but reckon support at 1.1650 would remain intact.
In view of this, we are looking to sell euro again on recovery as 1.1770 should limit upside. Above 1.1800-05 would risk another test of 1.1824-30 resistance but only break there would signal the erratic fall from 1.1910 has ended, bring further gain to 1.1855-60 first.
