EUR/USD – 1.1705
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1720
Kijun-Sen level : 1.1720
Ichimoku cloud top : 1.1767
Ichimoku cloud bottom : 1.1739
Original strategy :
Sold at 1.1755, Target: 1.1655, Stop: 1.1755
Position : – Short at 1.1755
Target : – 1.1655
Stop : – 1.1755
New strategy :
Hold short entered at 1.1755, Target: 1.1655, Stop: 1.1755
Position : – Short at 1.1755
Target : – 1.1655
Stop : – 1.1755
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 holding on to our short position entered at 1.1755. Above 1.1755-60 would defer and risk a stronger rebound to 1.1790-95, break there would abort and signal a temporary low is possibly formed, bring subsequent gain to 1.1820 but price should falter below said resistance at 1.1847.
