EUR/USD – 1.1826
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1832
Kijun-Sen level : 1.1839
Ichimoku cloud top : 1.1885
Ichimoku cloud bottom : 1.1862
Original strategy :
Sell at 1.1915, Target: 1.1815, Stop: 1.1950
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1900, Target: 1.1800, Stop: 1.1935
Position : –
Target : –
Stop : –
As the single currency recovered after falling to 1.1800 yesterday, minor consolidation would be seen and corrective bounce to 1.1860 cannot be ruled out, however, reckon 1.1900 would limit upside and bring another decline later, below said support would extend the fall from 1.1961 (last week’s high) to 1.1770 and possibly towards support at 1.1736 but price should stay above previous key support at 1.1713.
In view of this, we are looking to sell euro on recovery as 1.1900 should limit upside and bring another decline. Above last Friday’s high at 1.1940 would revive bullishness, bring retest of 1.1961, break there would confirm early upmove has resumed for headway to 1.1990-00 which is likely to hold from here.
