EUR/USD – 1.1748
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1732
Kijun-Sen level : 1.1737
Ichimoku cloud top : 1.1757
Ichimoku cloud bottom : 1.1740
Original strategy :
Sold at 1.1770, Target: 1.1670, Stop: 1.1770
Position : – Short at 1.1770
Target : – 1.1670
Stop : – 1.1770
New strategy :
Hold short entered at 1.1770, Target: 1.1670, Stop: 1.1770
Position : – Short at 1.1770
Target : – 1.1670
Stop : – 1.1770
As the single currency found support at 1.1689 yesterday and rebounded, suggesting consolidation above this level would be seen, however, as long as resistance at 1.1770 holds, bearishness remains for the fall from 1.1910 top to bring retracement of early upmove, hence further weakness to 1.0670 would be seen but reckon support at 1.1650 would remain intact due to oversold condition.
In view of this, we are holding on to our short position entered at 1.1770. 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.
