EUR/USD – 1.1916
Most recent candlesticks pattern : N/A
Trend : Sideways
Tenkan-Sen level : 1.1920
Kijun-Sen level : 1.1951
Ichimoku cloud top : 1.1948
Ichimoku cloud bottom : 1.1940
Original strategy :
Sold at 1.1970, Target: 1.1870, Stop: 1.1970
Position : – Short at 1.1970
Target : – 1.1870
Stop : – 1.1970
New strategy :
Hold short entered at 1.1970, Target: 1.1870, Stop: 1.1970
Position : – Short at 1.1970
Target : – 1.1870
Stop : – 1.1970
Although the single currency rebounded after finding good support at 1.1861 last week, the subsequent retreat after meeting renewed selling interest just above 1.2000 level has retained our bearishness and consolidation with mild downside bias remains for another decline, below 1.1890 would bring test of said support at 1.1861 but break there is needed to extend the fall from 1.2035 to previous support at 1.1838 which is likely to hold on first testing.
In view of this, we are holding on to our short position entered at 1.1970. Only above resistance at 1.2005 would dampen our bearishness and risk test of last week’s high at 1.2035 but only break there would shift risk back to upside and extend the rebound from 1.1838 to 1.2060-70 first.
