EUR/USD – 1.1578
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1582
Kijun-Sen level : 1.1585
Ichimoku cloud top : 1.1637
Ichimoku cloud bottom : 1.1619
Original strategy :
Sold at 1.1620, Target: 1.1520, Stop: 1.1655
Position : – Short at 1.1620
Target : – 1.1520
Stop : – 1.1655
New strategy :
Hold short entered at 1.1620, Target: 1.1520, Stop: 1.1620
Position : – Short at 1.1620
Target : – 1.1520
Stop : – 1.1620
As the single currency recovered after finding support at 1.1580, minor consolidation would be seen, however, reckon upside would be limited to the lower Kumo (now at 1.1619) and bring another decline later to 1.1574-80, break there would extend recent decline to 1.1520-25, then 1.1500 but near term oversold condition should prevent sharp fall below latter level.
In view of this, we are holding on to our short position entered at 1.1620. Above 1.1620-25 would defer and risk test of the upper Kumo (now at 1.1637) would risk another bounce towards 1.1691, however, only break there would abort and suggest further choppy trading above 1.1574 would be seen, bring a stronger rebound to 1.1700-05 but upside should be limited to previous support at 1.1725 (now resistance).
