EUR/USD – 1.1795
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1784
Kijun-Sen level : 1.1764
Ichimoku cloud top : 1.1790
Ichimoku cloud bottom : 1.1765
Original strategy :
Sell at 1.1825, Target: 1.1725, Stop: 1.1860
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1835, Target: 1.1735, Stop: 1.1870
Position : –
Target : –
Stop : –
As the single currency found support at 1.1730 late last week and euro has rebounded, suggesting consolidation above this level would be seen and corrective bounce to 1.1810 (38.2% Fibonacci retracement of 1.1940-1.1730) cannot be ruled out, however, reckon upside would be limited to 1.1835 and bring retreat later, below 1.1760 would bring retest of 1.1730 but break of this support is needed to confirm recent decline has resumed and extend weakness to previous key support at 1.1713. Looking ahead, only break there would retain bearishness for subsequent decline towards 1.1660-70.
In view of this, we are looking to sell euro on further subsequent recovery 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.
