EUR/USD – 1.0686
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0681
Kijun-Sen level : 1.0720
Ichimoku cloud top : 1.0807
Ichimoku cloud bottom : 1.0767
Original strategy :
Sell at 1.0800, Target: 1.0700, Stop: 1.0835
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0745, Target: 1.0645, Stop: 1.0780
Position : –
Target : –
Stop : –
As this week’s selloff has kept euro under pressure, adding credence to our bearish view that top has been formed at 1.0906 and bearishness remains for the decline from there to extend further weakness to 1.0660, then 1.0640, however, near term oversold condition would limit downside and reckon previous strong support at 1.0600 would hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0740-50 should limit upside. Only above resistance at 1.0773 would suggest low is formed instead, bring a stronger rebound to 1.0800 but resistance at 1.0827 should remain intact.
