EUR/USD – 1.1754
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1762
Kijun-Sen level : 1.1780
Ichimoku cloud top : 1.1908
Ichimoku cloud bottom : 1.1851
Original strategy :
Sell at 1.1850, Target: 1.1750, Stop: 1.1885
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1830, Target: 1.1720, Stop: 1.1865
Position : –
Target : –
Stop : –
As the single currency has fallen again after brief recovery to 1.1811, adding credence to our bearish view that the decline from .2093 top is still in progress and downside bias remains for further weakness to 1.1720 (1.236 times projection of 1.2093-1.1838 measuring from 1.2035), then 1.1700, however, loss of downward momentum should prevent sharp fall below previous support at 1.1662 and bring rebound later.
In view of this, we are looking to sell euro on recovery, above the Kijun-Sen (now at 1.1780) would bring recovery to said resistance at 1.1811, however, previous support at 1.1832-38 (now resistance) should hold and bring another decline later. Above resistance at 1.1862 would abort and signal low is formed instead, bring a stronger rebound to 1.1896 (another previous support).
