EUR/USD – 1.1848
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1813
Kijun-Sen level : 1.1809
Ichimoku cloud top : 1.1775
Ichimoku cloud bottom : 1.1755
Original strategy :
Sold at 1.1850, Target: 1.1750, Stop: 1.1885
Position : – Short at 1.1850,
Target : – 1.1750
Stop : – 1.1885
New strategy :
Exit short entered at 1.1850,
Position : – Short at 1.1850
Target : –
Stop : –
As the single currency found renewed buying interest at 1.1768 earlier today in European session and has rallied, dampening our bearishness and near term upside risk remains for the rebound from 1.1730 to extend gain to resistance at 1.1880 but break there is needed to retain bullishness and signal another leg of erratic upmove from 1.1669 low is underway for gain to 1.1900-10 first.
In view of this, would be prudent to exit short entered at 1.1850 and stand aside for now. Below 1.1820 would bring weakness to 1.1800 but said support at 1.1768 should remain intact, bring another rise later. Only a drop below this support would revive bearishness for weakness to 1.1730-40, break there would extend fall to 1.1700 but said recent low at 1.1669 should remain intact.
