EUR/USD – 1.1880
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1915
Kijun-Sen level : 1.1908
Ichimoku cloud top : 1.1945
Ichimoku cloud bottom : 1.1876
Original strategy :
Sold at 1.1975, met target at 1.1875
Position : – Short at 1.1975
Target : – 1.1875
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency staged a brief bounce to 1.1980 in NY morning after NFP, as renewed selling interest emerged there and euro has dropped again, retaining our bearishness for weakness to 1.1850, however, break of yesterday’s low at 1.1823 is needed to signal the fall from 1.2070 top has resumed and extend decline to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070) but downside should be limited to 1.1790-00 and support at 1.1773 should remain intact.
As we have taken profit on our short position entered at 1.1975, would not chase this fall here and would be prudent to stand aside for now. Above 1.1940-45 would suggest an intra-day low is formed instead, bring another test of said resistance at 1.1980 but only break there would signal the fall from 1.2070 has ended at 1.1823 yesterday, bring further gain to 1.2000 and possibly towards 1.2025-30.
