EUR/USD – 1.1805
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1820
Kijun-Sen level : 1.1822
Ichimoku cloud top : 1.1856
Ichimoku cloud bottom : 1.1820
Original strategy :
Sell at 1.1900, Target: 1.1800, Stop: 1.1935
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1865, Target: 1.1765, Stop: 1.1900
Position : –
Target : –
Stop : –
As the single currency has fallen again after brief recovery, adding credence to our bearish view that the erratic decline from 1.1961 top (last week’s high) is still in progress and downside bias remains for further weakness to to 1.1770 and possibly towards support at 1.1736 but near term oversold condition should limit downside and price should stay above previous key support at 1.1713.
In view of this, we are looking to sell euro on recovery as 1.1870-75 should limit upside and bring another decline. Above 1.1900 would risk test of last Friday’s high at 1.1940 but only break there would revive bullishness, bring retest of 1.1961 later.
