EUR/USD – 1.1615
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1617
Kijun-Sen level : 1.1612
Ichimoku cloud top : 1.1591
Ichimoku cloud bottom : 1.1585
Original strategy :
Sold at 1.1620, stopped at break-even
Position : – Short at 1.1620
Target : –
Stop : – 1.1620
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Intra-day rebound to 1.1644 dampened our near term bearishness and suggests temporary low has been formed at 1.1554 earlier this week, hence upside risk is seen for retracement of recent decline and gain to 1.1645-50, then 1.1662-65 (38.2% Fibonacci retracement of 1.1837-1.1554) is likely, however, reckon upside would be limited to resistance at 1.691-96 (50% Fibonacci retracement) and bring retreat later.
On the downside, below 1.1575-80 would suggest an intraday top is formed and revive bearishness for retest of 1.1554, break there would extend recent decline to 1.1520-25, then 1.1500 but oversold condition should prevent sharp fall below latter level and reckon 1.1470-75 would hold. As near term outlook is mixed, would be prudent to stand aside for now.
