EUR/USD – 1.1907
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1901
Kijun-Sen level : 1.1902
Ichimoku cloud top : 1.1902
Ichimoku cloud bottom : 1.1899
Original strategy :
Sell at 1.1955, Target: 1.1855, Stop: 1.1990
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1955, Target: 1.1855, Stop: 1.1990
Position : –
Target : –
Stop : –
As the single currency has traded narrowly, suggesting further sideways trading would be seen and although another bounce to 1.1925-30 is likely, reckon 1.1950-55 would limit upside and bring another decline, below 1.1850 would signal the rebound from 1.1823 has ended, bring test of this level, break there would add credence to our view that top has been formed at 1.2070 earlier and extend the fall from there to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070), then 1.1790-00 but downside should be limited and previous support at 1.1773 should remain intact.
In view of this, we are looking to sell euro again on recovery as 1.1950-55 should limit upside. Only break of said resistance at 1.1980 would abort and signal the fall from 1.2070 has ended at 1.1823 yesterday, bring further gain to 1.2000 and possibly towards 1.2025-30.
