EUR/USD – 1.1895

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

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Tenkan-Sen level              : 1.1940

Kijun-Sen level                  : 1.1940

Ichimoku cloud top             : 1.1998

Ichimoku cloud bottom      : 1.1959

New strategy  :

Sell at 1.1940, Target: 1.1840, Stop: 1.1975

Position : –

Target :  –

Stop : –

As the single currency has dropped again after meeting renewed selling interest at 1.1995 earlier today, suggesting the selloff from 1.2093 top is still in progress, hence downside bias remains for this move to bring retracement of early upmove to 1.1868 support, break there would extend weakness to 1.1850, however, near term oversold condition should prevent sharp fall below another previous support at 1.1823 and reckon 1.1800 would hold from here.

In view of this, would not chase this fall here and would be prudent to sell euro on recovery as 1.1940-50 should limit upside. Above 1.1975-80 would signal an intra-day low is formed, bring rebound to 1.1995-00 first. 


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