EUR/USD – 1.1662
Most recent candlesticks pattern : N/A
Trend : Down
Tenkan-Sen level : 1.1661
Kijun-Sen level : 1.1657
Ichimoku cloud top : 1.1657
Ichimoku cloud bottom : 1.1639
Original strategy :
Sell at 1.1705, Target: 1.1605, Stop: 1.1740
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1705, Target: 1.1605, Stop: 1.1740
Position : –
Target : –
Stop : –
Although near term sideways trading is likely to continue and another corrective bounce to 1.1685-90, reckon upside would be limited to 1.1700-05 (50% Fibonacci retracement of 1.1837-1.1574) and bring retreat later, below 1.1600-05 would signal the rebound from 1.1574 low has ended, bring retest of this level first. A drop 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.
In view of this, we are looking to sell euro on further subsequent recovery as 1.1700-05 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.
