EUR/USD – 1.1756
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1739
Kijun-Sen level : 1.1749
Ichimoku cloud top : 1.1847
Ichimoku cloud bottom : 1.1796
Original strategy :
Sell at 1.1830, Target: 1.1720, Stop: 1.1865
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1810, Target: 1.1710, Stop: 1.1845
Position : –
Target : –
Stop : –
As the single currency has remained under pressure after recent selloff, adding credence to our bearish view that the decline from 1.2093 top is still in progress and downside bias remains for further weakness to 1.1700, however, loss of downward momentum should prevent sharp fall below previous support at 1.1662 and reckon 1.1625-30 would hold, bring rebound later.
In view of this, we are looking to sell euro on recovery as resistance at 1.1811 should limit upside and bring another decline. Above 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).
