EUR/USD – 1.1620
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1647
Kijun-Sen level : 1.1647
Ichimoku cloud top : 1.1643
Ichimoku cloud bottom : 1.1639
Original strategy :
Sell at 1.1705, Target: 1.1605, Stop: 1.1740
Position : –
Target : –
Stop : –
New strategy :
Sell at market level, Target: 1.1520, Stop: 1.1655
Position : –
Target : –
Stop : –
As the single currency ran into renewed selling interest at 1.1691 and has retreated sharply, suggesting an intra-day top is formed there and consolidation with downside bias is seen for weakness to last week’s low at 1.1574, however, break there is needed to confirm recent decline has resumed and extend weakness to 1.1520-25, then 1.1500 but near term oversold condition should prevent sharp fall below latter level.
In view of this, we are looking to sell euro here for such decline. Above 1.1650-55 would risk another bounce to 1.1691, however, only break there would abort and suggest further choppy trading above 1.1574 and bring a stronger rebound to 1.1700-05 but upside should be limited to previous support at 1.1725 (now resistance).
