EUR/USD – 1.1745
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.1809
Kijun-Sen level : 1.1811
Ichimoku cloud top : 1.1858
Ichimoku cloud bottom : 1.1848
Original strategy :
Sold at 1.1880, met target at 1.1780
Position : – Short at 1.1880
Target : – 1.1780
Stop : –
New strategy :
Sell at 1.1810, Target: 1.1710, Stop: 1.1845
Position : –
Target : –
Stop : –
As euro’s intra-day decline has accelerated and broke below support at 1.0785, adding credence to our view that top has been formed at 1.1910 earlier this week and bearishness remains for the fall from there to bring retracement of recent upmove, hence further weakness to 1.1723-25 (previous support and 61.8% Fibonacci retracement of 1.1613-1.1910), then 1.1700, however, reckon support at 1.1650 would hold.
As we have taken profit on our short position entered at 1.1880, we are looking to reinstate short on recovery as 1.1800-10 should limit upside. Above previous support at 1.1830 would defer and risk a stronger rebound to 1.1850-55 but price should falter below 1.1890-95, bring another decline later.
