Trade Idea : EUR/USD – Hold short entered at 1.1770

EUR/USD – 1.1748

Most recent candlesticks pattern   : N/A

Trend                      : Near term up

Tenkan-Sen level              : 1.1742

Kijun-Sen level                  : 1.1767

Ichimoku cloud top             : 1.1809

Ichimoku cloud bottom      : 1.1804

Original strategy  :

Sold at 1.1770, Target: 1.1670, Stop: 1.1805

Position : – Short at 1.1770

Target :  – 1.1670

Stop : – 1.1805

New strategy  :

Hold short entered at 1.1770, Target: 1.1670, Stop: 1.1805

Position : – Short at 1.1770

Target :  – 1.1670

Stop : – 1.1805

Although the single currency found support at 1.1715 yesterday and recovered, reckon upside would be limited to 1.1770-80 and bring another decline, below said support would extend the fall from 1.1910 top for retracement of early upmove to 1.1700 and then 1.0670 but reckon support at 1.1650 would remain intact due to oversold condition. 

In view of this, we are holding on to our short position entered at 1.1770. Above 1.1800-05 would risk another test of 1.1824-30 resistance but only break there would signal the erratic fall from 1.1910 has ended, bring further gain to 1.1855-60 first.