EUR/USD – 1.0754
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.0755
Kijun-Sen level : 1.0777
Ichimoku cloud top : 1.0853
Ichimoku cloud bottom : 1.0826
New strategy :
Sell at 1.0820, Target: 1.0720, Stop: 1.0855
Position : –
Target : –
Stop : –
As the single currency has remained under pressure after this week’s selloff from 1.0906 top, suggesting bearishness remains for further decline towards previous support at 1.0719, however, break there is needed to retain downside bias and signal recent rise has ended at 1.0960, then further weakness to 1.0695-00 and possibly 1.0670 would be seen but oversold condition would limit downside and reckon 1.0650 would hold from here, risk from there is seen for a rebound to take place later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0827 resistance should limit upside and bring another decline. Above 1.0845-50 would abort and signal the fall from 1.0906 has ended instead, bring test of 1.0873 resistance first.
