EUR/USD – 1.1591
Original strategy :
Sell at 1.1715, Target: 1.1615, Stop: 1.1750
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1685, Target: 1.1585, Stop: 1.1720
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 1.1580-85, however, near term oversold condition should limit downside to 1.1550-55 and reckon 1.1520-25 would hold, bring rebound later.
In view of this, we are looking to sell euro on recovery but at a lower level as the Kijun-Sen (now at 1.1686) should limit upside and bring another decline. Only above previous support at 1.1725 (now resistance) would signal an intra-day low is formed, bring retracement of recent decline to 1.1750-55 first.
