EUR/USD – 1.1637
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1646
Kijun-Sen level : 1.1622
Ichimoku cloud top : 1.1595
Ichimoku cloud bottom : 1.1585
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency rebounded after finding renewed buying interest at 1.1600, suggesting a temporary low has been formed at 1.1554 earlier this week, hence upside risk is seen for retracement of recent decline and gain to 1.1662-65 (38.2% Fibonacci retracement of 1.1837-1.1554) is likely, however, reckon upside would be limited to resistance at 1.691-96 (50% Fibonacci retracement) and bring retreat later.
On the downside, below 1.1600 would suggest an intraday top is formed and revive bearishness for retest of 1.1554, break there would extend recent decline to 1.1520-25, then 1.1500 but oversold condition should prevent sharp fall below latter level and reckon 1.1470-75 would hold. As near term outlook is mixed, would be prudent to stand aside for now.
