EUR/USD – 1.1927

Most recent candlesticks pattern   : N/A

Trend                      : Sideways

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Tenkan-Sen level              : 1.1903

Kijun-Sen level                  : 1.1948

Ichimoku cloud top             : 1.1998

Ichimoku cloud bottom      : 1.1972

Original strategy  :

Sell at 1.1950, Target: 1.1850, Stop: 1.1985

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.1970, Target: 1.1870, Stop: 1.2005

Position : –

Target :  –

Stop : –

Although the single currency rose to as high as 1.2035 late yesterday, euro ran into strong selling pressure there and has dropped sharply after Fed, suggesting early rebound from 1.1838 has ended there and downside bias is seen for retest of said support, break there would signal another leg of corrective decline from 1.2093 top is underway and extend weakness to 1.1800-05 but near term oversold condition would limit downside to 1.1770 and reckon 1.1750 would hold.

In view of this, we are looking to sell euro on further recovery as the lower Kumo (now at 1.1972) should limit upside and bring another decline later. Above the upper Kumo (now at 1.1998) would defer and risk a stronger rebound but said resistance at 1.2035 should remain intact. 

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