EUR/USD – 1.0603
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0588
Kijun-Sen level : 1.0596
Ichimoku cloud top : 1.0648
Ichimoku cloud bottom : 1.0639
Original strategy :
Sell at 1.0635, Target: 1.0535, Stop: 1.0670
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0665, Target: 1.0565, Stop: 1.0700
Position : –
Target : –
Stop : –
As the single currency found support at 1.0570 twice and has rebounded again in NY morning, suggesting consolidation above this level would be seen and corrective bounce to 1.0635-40 cannot be ruled out, however, reckon upside would be limited to 1.0667 resistance (Friday’s high) and bring another decline later, below said support at 1.0570 would extend the decline from 1.0906 to 1.0550-55 (50% projection of 1.0906-1.0635 measuring from 1.0689), then 1.0525-30 but near term oversold condition should prevent sharp fall below 1.0500, risk from there is seen for a rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on further recovery as 1.0667 resistance should limit upside. Only a firm break above said resistance at 1.0667 would abort and suggest low is formed instead, risk a stronger rebound to 1.0689, then 1.0702.
