EUR/USD – 1.1749
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1760
Kijun-Sen level : 1.1779
Ichimoku cloud top : 1.1829
Ichimoku cloud bottom : 1.1806
Original strategy :
Sell at 1.1865, Target: 1.1765, Stop: 1.1900
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1810, Target: 1.1710, Stop: 1.1845
Position : –
Target : –
Stop : –
As the single currency has fallen again after brief bounce to 1.1815, 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 support at 1.1736, break there would bring a test of previous key support at 1.1713 but break there is needed to retain bearishness for subsequent decline towards 1.1660-70 before prospect of a recovery due to near term oversold condition.
In view of this, we are looking to sell euro on recovery but at a lower level as said resistance at 1.1815 should limit upside and bring another decline. Above 1.1845-50 would defer and suggest low is formed, bring a stronger rebound to 1.1875-80 first.
