Trade Idea : EUR/USD – Sell at 1.1975

EUR/USD – 1.1888

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1897

Kijun-Sen level                  : 1.1873

Ichimoku cloud top             : 1.1970

Ichimoku cloud bottom      : 1.1905

Original strategy  :

Sell at 1.1950, Target: 1.1850, Stop: 1.1985

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1975, Target: 1.1850, Stop: 1.2010

Position : –

Target :  –

Stop : –

As the single currency found support after falling to 1.1823 yesterday, suggesting consolidation above this level would be seen and corrective bounce to 1.1930-40 is likely, however, reckon upside would be limited to 1.1975-80 and bring another decline to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070) but downside should be limited to 1.1790-00 and support at 1.1773 should remain intact. 

In view of this, we are looking to sell euro on further subsequent recovery as 1.1975-80 should limit upside. Above 1.2000 would risk a stronger rebound to 1.2025-30 but still reckon upside would be limited to 1.2050 and price should falter below said this week’s high at 1.2070, bring another retreat later.