EUR/USD – 1.1657
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1643
Kijun-Sen level : 1.1639
Ichimoku cloud top : 1.1643
Ichimoku cloud bottom : 1.1643
Original strategy :
Sell at 1.1700, Target: 1.1595, Stop: 1.1735
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1705, Target: 1.1605, Stop: 1.1740
Position : –
Target : –
Stop : –
Euro’s intra-day rebound has retained our view that near term sideways trading is likely to continue and although initial upside risk remains for the rebound from 1.1574 low to extend gain to 1.1670-75 (38.2% Fibonacci retracement of 1.1837-1.1574), as this move is still viewed as retracement of recent decline, reckon upside would be limited to 1.1700-05 (50% Fibonacci retracement) and bring retreat later, below 1.1600-05 would signal the rebound from 1.1574 low has ended, bring retest of this level first. A drop below said support at 1.1574 would extend recent decline from 1.2093 top to 1.1550-55 but loss of downward momentum should prevent sharp fall below 1.1520-25 and reckon 1.1500 would hold.
In view of this, we are looking to sell euro on further subsequent recovery as 1.1700-05 should limit upside and bring another decline. Only above previous support at 1.1725 (now resistance) would signal low is formed instead, bring retracement of recent decline to 1.1750-55 first.
