EUR/USD – 1.1763
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1771
Kijun-Sen level : 1.1736
Ichimoku cloud top : 1.1763
Ichimoku cloud bottom : 1.1738
Original strategy :
Sold at 1.1755, stopped at break-even
Position : – Short at 1.1755
Target : –
Stop : – 1.1755
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency extend marginal weakness to 1.1681 yesterday, the subsequent rebound on dollar’s broad-based retreat after FOMC suggests a temporary low has been formed there and upside risk is seen for gain to 1.1795-00 (50% Fibonacci retracement of 1.1910-1.1681) and possibly 1.1820-25 (61.8% Fibonacci retracement), however, resistance at 1.1847 should hold.
On the downside, whilst pullback to 1.1730-35 cannot be ruled out, reckon downside would be limited and said support at 1.1681 should remain intact. Only a break below this support would revive bearishness and extend the fall from 1.1910 to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support). As near term outlook is mixed, would be prudent to stand aside for now.
