EUR/USD – 1.1854
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1849
Kijun-Sen level : 1.1884
Ichimoku cloud top : 1.1938
Ichimoku cloud bottom : 1.1934
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency has remained under pressure after yesterday’s anticipated decline, suggesting another leg of corrective decline from 1.2093 top is underway and mild downside bias remains for one more fall towards 1.1800-10, however, loss of near term downward momentum should prevent sharp fall below 1.1770-75 and reckon 1.1750 would hold, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above the Kijun-Sen (now at 1.1884) would bring recovery to 1.1910-20 but reckon upside would be limited to the Ichimoku cloud (now at 1.1934-38) and 1.1980-85 should hold.
