EUR/USD – 1.1837
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1850
Kijun-Sen level : 1.1858
Ichimoku cloud top : 1.1908
Ichimoku cloud bottom : 1.1908
Original strategy :
Bought at 1.1845, stopped at 1.1825
Position : – Long at 1.1845
Target : –
Stop : – 1.1825
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency has fallen again after meeting renewed selling interest at 1.1883, dampening our bullishness and near term downside risk remains for the fall from 1.1961 top to bring retracement of recent upmove to 1.1805-10 (61.8% Fibonacci retracement of 1.1713-1.1961), however, oversold condition should prevent sharp fall below 1.1770 and price should stay well above support at 1.1736, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside for now. Above said resistance at 1.1883 would suggest an intra-day low is formed instead, bring a stronger rebound to 1.1900 but break of 1.1920 is needed to signal the retreat from this week’s high at 1.1961 has ended, bring retest of this level first.
