EUR/USD – 1.1888
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.1897
Kijun-Sen level : 1.1873
Ichimoku cloud top : 1.1970
Ichimoku cloud bottom : 1.1905
Original strategy :
Sell at 1.1950, Target: 1.1850, Stop: 1.1985
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1975, Target: 1.1850, Stop: 1.2010
Position : –
Target : –
Stop : –
As the single currency found support after falling to 1.1823 yesterday, suggesting consolidation above this level would be seen and corrective bounce to 1.1930-40 is likely, however, reckon upside would be limited to 1.1975-80 and bring another decline to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070) but downside should be limited to 1.1790-00 and support at 1.1773 should remain intact.
In view of this, we are looking to sell euro on further subsequent recovery as 1.1975-80 should limit upside. Above 1.2000 would risk a stronger rebound to 1.2025-30 but still reckon upside would be limited to 1.2050 and price should falter below said this week’s high at 1.2070, bring another retreat later.
