EUR/USD – 1.1762
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1765
Kijun-Sen level : 1.1759
Ichimoku cloud top : 1.1816
Ichimoku cloud bottom : 1.1783
Original strategy :
Sell at 1.1800, Target: 1.1700, Stop: 1.1835
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1800, Target: 1.1700, Stop: 1.1835
Position : –
Target : –
Stop : –
As the single currency has remained under pressure after falling to 1.1736 yesterday, adding credence to our view that top has possibly been formed at 1.1880 last week and the fall from there may extend weakness towards support at 1.1719, however, break there is needed to retain bearishness and 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.
