EUR/USD – 1.1763
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1762
Kijun-Sen level : 1.1768
Ichimoku cloud top : 1.1792
Ichimoku cloud bottom : 1.1752
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s brief fall to 1.1725, lack of follow through selling on break of previous support at 1.1730 and the subsequent rebound 1.1793 suggest further consolidation would take place and recovery to 1.1800 cannot be ruled out, however, still reckon upside would be limited to 1.1820-25 and price should falter well below resistance at 1.1858, bring further choppy trading later.
On the downside, below said support at 1.1725 would extend the fall from 1.1880 top to 1.1700 and possibly towards indicated previous support at 1.1669 but break of latter level is needed to retain bearishness and extend further subsequent decline to 1.1640-45 first. As near term outlook is still mixed, would be prudent to stand aside in the meantime.
