Trade Idea Wrap-up: EUR/USD – Sell at 1.1810

EUR/USD – 1.1739

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 1.1739

Kijun-Sen level                  : 1.1764

Ichimoku cloud top             : 1.1882

Ichimoku cloud bottom      : 1.1827

Original strategy  :

Sell at 1.1830, Target: 1.1720, Stop: 1.1865

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1830, Target: 1.1720, Stop: 1.1865

Position : –

Target :  –

Stop : –

As the single currency has fallen again after brief recovery to 1.1811, adding credence to our bearish view that the decline from .2093 top is still in progress and downside bias remains for further weakness to 1.1720 (1.236 times projection of 1.2093-1.1838 measuring from 1.2035), then 1.1700, however, loss of downward momentum should prevent sharp fall below previous support at 1.1662 and bring rebound later.

In view of this, we are looking to sell euro on recovery, above the Kijun-Sen (now at 1.1764) would bring recovery to said resistance at 1.1811, however, previous support at 1.1832-38 (now resistance) should hold and bring another decline later. Above resistance at 1.1862 would abort and signal low is formed instead, bring a stronger rebound to 1.1896 (another previous support).