EUR/USD – 1.0690
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0686
Kijun-Sen level : 1.0705
Ichimoku cloud top : 1.0796
Ichimoku cloud bottom : 1.0745
Original strategy :
Sell at 1.0745, Target: 1.0645, Stop: 1.0780
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0765, Target: 1.0645, Stop: 1.0800
Position : –
Target : –
Stop : –
As this week’s selloff has kept euro under pressure, adding credence to our bearish view that top has been formed at 1.0906 and bearishness remains for the decline from there to extend further weakness to 1.0660, then 1.0640, however, near term oversold condition would limit downside and reckon previous strong support at 1.0600 would hold from here, bring rebound later.
In view of this, would not chase this fall here and would be prudent to sell dollar on recovery as 1.0765-70 should limit upside. Only a firm break above resistance at 1.0773 would suggest low is formed instead, bring a stronger rebound to 1.0800 but resistance at 1.0827 should remain intact.
