EUR/USD – 1.1815
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1808
Kijun-Sen level : 1.1777
Ichimoku cloud top : 1.1778
Ichimoku cloud bottom : 1.1765
Original strategy :
Buy at 1.1745, Target: 1.1820, Stop: 1.1725
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1850, Target: 1.1750, Stop: 1.1885
Position : –
Target : –
Stop : –
Although the single currency has risen again and near term upside risk remains for the rise from this week’s low at 1.1730 to extend gain to 1.1845-50, if our view that top has been formed at 1.1880 is correct, upside would be limited and bring retreat later, below the Kijun-Sen (now at 1.1777) would suggest an intra-day top is formed, bring weakness to 1.1755-60 but said support at 1.1730 should remain intact.
In view of this, we are inclined to turn short on further rise but one should exit on subsequent decline. Above said resistance at 1.1880 would shift risk back to upside and extend early rise from 1.1669 to 1.1900-10 first.
