EUR/USD – 1.1720
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1827
Kijun-Sen level : 1.1787
Ichimoku cloud top : 1.1765
Ichimoku cloud bottom : 1.1752
Original strategy :
Sold at 1.1835, Target: 1.1735, Stop: 1.1870
Position : – Short at 1.1835
Target : – 1.1735
Stop : – 1.1870
New strategy :
Exit short entered at 1.1835,
Position : – Short at 1.1835
Target : –
Stop : –
The overnight strong rebound due to dollar’s broad-based weakness after Fed suggests a temporary low has been formed at 1.1717, hence consolidation with mild upside bias is seen and gain to 1.1860, then 1.1880 cannot be ruled out, however, near term overbought condition should prevent sharp move beyond 1.1900 and price should falter well below resistance at 1.1940, bring retreat later.
In view of this, would be prudent to exit short entered at 1.1835 and stand aside in the meantime. Below the Kijun-Sen (now at 1.1787) would suggest an intra-day top is formed instead, bring weakness to 1.1750 but break of 1.1735-40 is needed to revive bearishness and signal the rebound from 1.1717 has ended, bring retest of this level.
