EUR/USD – 1.0753
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0771
Kijun-Sen level : 1.0806
Ichimoku cloud top : 1.0867
Ichimoku cloud bottom : 1.0848
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency has fallen again after brief recovery, suggesting the fall from 1.0906 is still in progress and downside risk remains for this fall to extend weakness towards support at 1.0719, however, near term oversold condition should prevent sharp all below 1.0695-00 and reckon 1.0670 would hold from here, risk from there is seen for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.0780 would bring recovery to 1.0800 but only break of resistance at 1.0827 would signal low is formed, bring a stronger rebound to 1.0850 later.
