EUR/USD – 1.1616
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1606
Kijun-Sen level : 1.1609
Ichimoku cloud top : 1.1731
Ichimoku cloud bottom : 1.1686
Original strategy :
Sell at 1.1685, Target: 1.1585, Stop: 1.1720
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1685, Target: 1.1585, Stop: 1.1720
Position : –
Target : –
Stop : –
As the single currency recovered after falling to 1.1574 on Friday, suggesting consolidation above this level would be seen and corrective bounce to 1.1645-50 cannot be ruled out, however, reckon upside would be limited to the lower Kumo (now at 1.1686) and bring another decline later, below said support at 1.1574 would extend recent decline from 1.2093 top to 1.1550-55 but loss of downward momentum should prevent sharp fall below 1.1520-25 and reckon 1.1500 would hold from here.
In view of this, we are looking to sell euro on subsequent recovery as the lower Kumo (now at 1.1686) should limit upside and bring another decline. Only above previous support at 1.1725 (now resistance) would signal low is formed instead, bring retracement of recent decline to 1.1750-55 first.
