EUR/USD – 1.1745
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1764
Kijun-Sen level : 1.1774
Ichimoku cloud top : 1.1778
Ichimoku cloud bottom : 1.1773
Original strategy :
Sell at 1.1835, Target: 1.1735, Stop: 1.1870
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1835, Target: 1.1735, Stop: 1.1870
Position : –
Target : –
Stop : –
Although the single currency retreated after meeting resistance at 1.1812, as long as support at 1.1730 holds, near term upside risk remains for another corrective bounce to said resistance, then towards 1.1835 (50% Fibonacci retracement of 1.1940-1.1730), however, reckon upside would be limited and bring retreat later, below said support at 1.1730 would 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.
