EUR/USD – 1.1733
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1736
Kijun-Sen level : 1.1728
Ichimoku cloud top : 1.1798
Ichimoku cloud bottom : 1.1788
Original strategy :
Sell at 1.1755, Target: 1.1655, Stop: 1.1790
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1755, Target: 1.1655, Stop: 1.1790
Position : –
Target : –
Stop : –
Euro’s selloff after meeting renewed selling interest at 1.1847 signals the erratic fall from 1.1910 top is still in progress and mild downside bias remains for further weakness to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support), below there would encourage for subsequent decline towards 1.1600-10 which is likely to hold from here due to near term oversold condition.
In view of this, we are looking to sell euro on recovery as 1.1755-60 should limit upside and bring another decline later. Above 1.1790-95 would abort and risk a stronger rebound to 1.1820 but price should falter below said resistance at 1.1847.
