EUR/USD – 1.1900
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1885
Kijun-Sen level : 1.1918
Ichimoku cloud top : 1.1994
Ichimoku cloud bottom : 1.1991
New strategy :
Sell at 1.1950, Target: 1.1850, Stop: 1.1985
Position : –
Target : –
Stop : –
As the single currency has recovered after holding above indicated support at 1.1864, suggesting consolidation above this level would be seen and above the Kijun-Sen (now at 1.1918) would bring recovery to 1.1950, however, as top has been formed at 1.2070 earlier this week, upside would be limited and bring another decline later, below 1.1864-66 (previous support and 50% Fibonacci retracement of 1.1662-1.2070) would extend the fall from 1.2070 to previous resistance at 1.1828 but reckon 1.1815-18 (61.8% Fibonacci retracement) would hold.
In view of this, we are looking to sell euro on recovery as 1.1950-55 should limit upside. Above 1.1980-85 would risk a stronger rebound to 1.2005-10 but still reckon upside would be limited to 1.2035-40 and price should falter below said this week’s high at 1.2070, bring another retreat later.
