EUR/USD – 1.1765
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1775
Kijun-Sen level : 1.1788
Ichimoku cloud top : 1.1837
Ichimoku cloud bottom : 1.1821
New strategy :
Sell at 1.1800, Target: 1.1700, Stop: 1.1835
Position : –
Target : –
Stop : –
As the single currency has fallen again after brief bounce to 1.1820 yesterday, suggesting top has possibly been formed at 1.1880 and the fall from there may extend weakness to 1.1750 (61.8% Fibonacci retracement of 1.1669-1.1880), break there would add credence to this view and bring test of support at 1.1719 but break there is needed to signal the rebound from 1.1669 has ended, then further decline to 1.1700 would follow.
In view of this, we are looking to sell euro on recovery as 1.1800 should limit upside. Above 1.1820 would suggest low is formed instead, bring a stronger rebound to 1.1845-50 but price should falter below said resistance at 1.1880, bring another retreat later.
