EUR/USD – 1.1631
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1638
Kijun-Sen level : 1.1729
Ichimoku cloud top : 1.1805
Ichimoku cloud bottom : 1.1788
Original strategy :
Sell at 1.1755, Target: 1.1655, Stop: 1.1790
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1715, Target: 1.1615, Stop: 1.1750
Position : –
Target : –
Stop : –
Euro’s decline has gathered momentum after breaking below support at 1.1725 yesterday and previous low at 1.1669 was breached as well, adding credence to our view that the fall from 1.2093 top is still in progress and bearishness remains for this move to extend weakness to 1.1615-18 (61.8% projection of 1.2093-1.1669 measuring from 1.1880), then towards 1.1580-85, however, near term oversold condition should limit downside to 1.1550-55, bring rebound later.
In view of this, we are looking to sell euro on recovery but at a lower level as previous support at 1.1725 should turn into resistance and cap upside. Above 1.1750-55 would defer and suggest low is formed instead, risk rebound to 1.1775-80 first.
