EUR/USD – 1.1602
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1595
Kijun-Sen level : 1.1595
Ichimoku cloud top : 1.1589
Ichimoku cloud bottom : 1.1587
Original strategy :
Sold at 1.1620, Target: 1.1520, Stop: 1.1620
Position : – Short at 1.1620
Target : – 1.1520
Stop : – 1.1620
New strategy :
Hold short entered at 1.1620, Target: 1.1520, Stop: 1.1620
Position : – Short at 1.1620
Target : – 1.1520
Stop : – 1.1620
Euro’s rebound after finding support at 1.1554 earlier this week suggests consolidation above this level would be seen, however, still reckon upside would be limited and as long as 1.1615-20 holds, bearishness remains for another decline, below said support at 1.1554 would extend recent fall 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 holding on to our short position entered at 1.1620. Above 1.1620-25 would defer and risk test of 1.1640-50 would risk another bounce towards 1.1691, however, only break there would abort and suggest low has been formed, bring retracement of recent decline to previous support at 1.1725 (now resistance).
