Trade Idea : EUR/USD – Sell at 1.1810

EUR/USD – 1.1756

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 1.1739

Kijun-Sen level                  : 1.1749

Ichimoku cloud top             : 1.1847

Ichimoku cloud bottom      : 1.1796

Original strategy  :

Sell at 1.1830, Target: 1.1720, Stop: 1.1865

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1810, Target: 1.1710, Stop: 1.1845

Position : –

Target :  –

Stop : –

As the single currency has remained under pressure after recent selloff, adding credence to our bearish view that the decline from 1.2093 top is still in progress and downside bias remains for further weakness to 1.1700, however, loss of downward momentum should prevent sharp fall below previous support at 1.1662 and reckon 1.1625-30 would hold, bring rebound later.

In view of this, we are looking to sell euro on recovery as resistance at 1.1811 should limit upside and bring another decline. Above 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).