EUR/USD – 1.1925
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.1916
Kijun-Sen level : 1.1884
Ichimoku cloud top : 1.1931
Ichimoku cloud bottom : 1.1905
Original strategy :
Bought at 1.1855, Target:1.1955, Stop: 1.1835
Position : – Long at 1.1855
Target : – 1.1955
Stop : – 1.1835
New strategy :
Hold long entered at 1.1855, Target:1.1955, Stop: 1.1865
Position : – Long at 1.1855
Target : – 1.1955
Stop : – 1.1865
As the single currency found support at 1.1838 yesterday and has staged a rebound, retaining our near term bullishness and consolidation with mild upside bias remains for another bounce to 1.1950, however, break of 1.1965-70 is needed to signal low is formed at 1.1838, bring further gain towards resistance at 1.1995 which is likely to hold from here.
In view of this, we are holding on to our long position entered at 1.1855. Below 1.1865-70 would risk retest of said support at 1.1838, break there would signal recent decline from 1.2093 top is still in progress and may extend weakness to 1.1823 support, however, still reckon downside would be limited to 1.1800 and bring rebound later.
