EUR/USD – 1.1754
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1750
Kijun-Sen level : 1.1746
Ichimoku cloud top : 1.1784
Ichimoku cloud bottom : 1.1771
Original strategy :
Sell at 1.1825, Target: 1.1720, 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 rebounded after falling to 1.1717 yesterday, suggesting consolidation above indicated key support at 1.1713 would be seen and corrective bounce to the lower Kumo (now at 1.1771) is likely, however, reckon upside would be limited to resistance at 1.1812-15 and bring another decline later, below said support at 1.1713-17 would extend recent fall from 1.1961 top to 1.1695-00, then 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.
