EUR/USD – 1.1733
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1763
Kijun-Sen level : 1.1785
Ichimoku cloud top : 1.1810
Ichimoku cloud bottom : 1.1776
Original strategy :
Bought at 1.1790, stopped at 1.1770
Position : – Long at 1.1790
Target : –
Stop : – 1.1770
New strategy :
Sell at 1.1770, Target: 1.1670, Stop: 1.1805
Position : –
Target : –
Stop : –
Current selloff dampened our bearishness and suggests the rebound from 1.1689 (last week’s low) has ended at 1.1847, hence consolidation with downside bias is seen for weakness to 1.1700-05, however, break of said support at 1.1689 is needed to retain bearishness and extend recent decline from 1.1910 top to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support) which is likely to hold from here due to oversold condition.
In view of this, we are looking to sell euro on recovery as 1.1770-80 should limit upside and bring another decline later. Above 1.1800-05 would abort and prolong choppy trading within recent established broad range, risk another rebound to said resistance at 1.1847 first.
