EUR/USD – 1.0879
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0875
Kijun-Sen level : 1.0876
Ichimoku cloud top : 1.0930
Ichimoku cloud bottom : 1.0890
Original strategy :
Sell at 1.0955, Target: 1.0855, Stop: 1.0990
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0955, Target: 1.0855, Stop: 1.0990
Position : –
Target : –
Stop : –
As the single currency has remained under pressure after this week’s selloff, adding credence to our view that the fall from 1.1025 top is still in progress, hence bearishness remains for this decline to extend weakness to 1.0851 support, break there would bring at least a strong retracement of early upmove towards 1.0825-30 but reckon 1.0800 would hold from here due to near term overbought condition.
In view of this, we are looking to sell euro on recovery as 1.0960-70 should limit upside. Above resistance at 1.0997 would bring retest of said resistance at 1.1025, however, break there is needed to signal recent upmove from 1.0340 low has resumed for headway to 1.1050 but reckon upside would be limited to 1.1065-70 (61.8% projection of 1.0602-1.0951 measuring from 1.0851).
