EUR/USD – 1.1782
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1763
Kijun-Sen level : 1.1761
Ichimoku cloud top : 1.1813
Ichimoku cloud bottom : 1.1760
Original strategy :
Sell at 1.1810, Target: 1.1710, Stop: 1.1845
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1830, Target: 1.1730, Stop: 1.1865
Position : –
Target : –
Stop : –
As the single currency has rebounded after holding above support at 1.1717, suggesting minor consolidation above this level would be seen and recovery towards resistance at 1.1811 cannot be ruled out, however, reckon renewed selling interest would emerge around 1.1825-30 (38.2% Fibonacci retracement of 1.2005-1.1717) and bring another decline later, below said support at 1.1717 would signal the decline from 1.2093 top has resumed and extend weakness to 1.1700 but 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 previous support at 1.1832 (now resistance) should limit upside and bring another decline. A firm break 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).
