EUR/USD – 1.1772
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1806
Kijun-Sen level : 1.1827
Ichimoku cloud top : 1.1934
Ichimoku cloud bottom : 1.1911
Original strategy :
Sell at 1.1850, Target: 1.1750, Stop: 1.1885
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1850, Target: 1.1750, Stop: 1.1885
Position : –
Target : –
Stop : –
The single currency has dropped again after yesterday’s anticipated decline, adding credence to our bearish view that another leg of corrective decline from 1.2093 top is underway and mild downside bias remains for further weakness towards previous support at 1.1740, however, near term oversold condition should prevent sharp fall below 1.1720-25 and reckon 1.1700 would hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell euro on recovery as 1.1850 should limit upside. Above previous support at 1.1861 would defer and risk a stronger rebound to 1.1880-85 but price should falter well below yesterday’s high at 1.1937.
