EUR/USD – 1.1857
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1865
Kijun-Sen level : 1.1854
Ichimoku cloud top : 1.1881
Ichimoku cloud bottom : 1.1875
Original strategy :
Sell at 1.1915, Target: 1.1815, Stop: 1.1950
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1915, Target: 1.1815, Stop: 1.1950
Position : –
Target : –
Stop : –
As the single currency recovered after holding above support at 1.1809, retaining our view that further consolidation below resistance at 1.1961 (last week’s high) would be seen and mild downside bias remains for weakness towards support at 1.1808-09 (61.8% Fibonacci retracement of 1.1713-1.1961 and previous support), however, break there is needed to retain bearishness and extend weakness to 1.1770 and possibly to support at 1.1736 but price should stay above previous key support at 1.1713.
In view of this, we are looking to sell euro on recovery as 1.1910-20 should limit upside and bring another decline. Above said Friday’s high at 1.1940 would revive bullishness, bring retest of 1.1961, break there would confirm early upmove has resumed for headway to 1.1990-00 which is likely to hold from here.
