EUR/USD – 1.1887
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1880
Kijun-Sen level : 1.1931
Ichimoku cloud top : 1.1978
Ichimoku cloud bottom : 1.1968
Original strategy :
Sell at 1.1940, Target: 1.1840, Stop: 1.1975
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1940, Target: 1.1840, Stop: 1.1975
O.C.O.
Buy at 1.1855, Target:1.1955, Stop: 1.1820
Position : –
Target : –
Stop : –
As the single currency has remained under pressure after yesterday’s selloff from 1.1995, adding credence to our view that the decline from 1.2093 top is still in progress, hence downside bias remains for this move to bring retracement of early upmove to 1.1850 support, however, loss of near term downward momentum would limit downside and reckon another previous support at 1.1823 would hold, bring rebound later.
In view of this, whilst we are still looking to sell euro on recovery, we are inclined to turn long on next decline as 1.1850 support should hold. Below 1.1823 would extend weakness to 1.1800 but still reckon downside would be limited. Above the Ichimoku cloud top (now at 1.1978) would abort and signal low is formed instead, bring a stronger rebound to said resistance at 1.1995 first.
