EUR/USD – 1.1205
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1212
Kijun-Sen level : 1.1203
Ichimoku cloud top : 1.1225
Ichimoku cloud bottom : 1.1200
Original strategy :
Sold at 1.1230, Target: 1.1130, Stop: 1.1265
Position : – Short at 1.1230
Target : – 1.1130
Stop : – 1.1265
New strategy :
Hold short entered at 1.1230, Target: 1.1130, Stop: 1.1240
Position : – Short at 1.1230
Target : – 1.1130
Stop : – 1.1240
Although the single currency rebounded after falling to 1.1166 on Friday, as price has retreated after faltering below indicated resistance at 1.1237, retaining our view that consolidation below this level would be seen and as long as said resistance holds, bearishness remains for weakness to 1.1180, break there would signal the aforesaid rebound has ended, bring retest of 1.1166 but below there is needed to extend the fall from 1.1285 top for retracement of early upmove to 1.1145-50 and then towards 1.1120, however, support at 1.1109 should hold from here.
In view of this, we are holding on to our short position entered at 1.1230. Only above 1.1265-70 would abort and bring retest of 1.1285, only break there would revive bullishness and confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 and later towards chart point at 1.1366.
