EUR/USD – 1.1793
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1787
Kijun-Sen level : 1.1763
Ichimoku cloud top : 1.1790
Ichimoku cloud bottom : 1.1747
Original strategy :
Sell at 1.1830, Target: 1.1730, Stop: 1.1865
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1855, Target: 1.1735, Stop: 1.1890
Position : –
Target : –
Stop : –
Euro’s rebound after holding above support at 1.1717 has retained our view that consolidation above this level would be seen and recovery towards resistance at 1.1811 cannot be ruled out, however, reckon upside would be limited to 1.1825-30 (38.2% Fibonacci retracement of 1.2005-1.1717) and renewed selling interest would emerge below 1.1861-62 (50% Fibonacci retracement and previous resistance), bring another decline later, below 1.1740-45 would bring retest of said support at 1.1717, break there would signal the decline from 1.2093 top has resumed and extend weakness to 1.1700 but 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 1.1850-55 should limit upside and bring another decline. A firm break 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).
