EUR/USD – 1.3137
Most recent candlesticks pattern : Shooting star
Trend : Near term down
Tenkan-Sen level :1.3147
Kijun-Sen level :1.3112
Ichimoku cloud top :1.3168
Ichimoku cloud bottom :1.3064
Kijun-Sen level :1.3112
Ichimoku cloud top :1.3168
Ichimoku cloud bottom :1.3064
Original strategy :
Sell at 1.3225, Target: 1.3080, Stop: 1.3260
Position: -
Target: -
Stop:-
Target: -
Stop:-
New strategy :
Sell at 1.3225, Target: 1.3080, Stop: 1.3260
Position: -
Target: -
Stop:-
Target: -
Stop:-
Yesterday's rebound has retained our view that further consolidation above this week's low of 1.3019 would be seen and risk of corrective rise to the Ichimoku cloud top (now at 1.3168) cannot be ruled out, break there would bring retracement to 1.3200-05 (61.8% Fibonacci retracement of 1.3319-1.3019), however, renewed selling interests should emerge around 1.3225-30, bring another decline later. A break of the Ichimoku cloud bottom (now at 1.3064) would bring test of yesterday's low at 1.3042 but break there is needed to signal rebound from 1.3019 has ended and bring retest of this level, below this support would confirm recent decline from 1.3711 top has resumed and extend weakness to previous support at 1.2998.
In view of this, we are looking to sell euro on recovery as 1.3227 (50% Fibonacci retracement of 1.3434-1.3019) should limit upside, bring such a decline. Only above 1.3275 (61.8% Fibonacci retracement) would abort and signal a temporary low is formed instead and risk a stronger rebound towards resistance at 1.3319 later.
