EUR/USD – 1.2903
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level :1.2903
Kijun-Sen level :1.2921
Ichimoku cloud top :1.3038
Ichimoku cloud bottom :1.2991
Strategy :
Sell at 1.2990, Target: 1.2880, Stop: 1.3025
Friday's selloff to 1.2878 on dollar's broad-based strength after the release of solid U.S. job data signals recent upmove has indeed formed a top at 1.3127 last week and downside bias remains for a strong retracement of early upmove towards 1.2840 (61.8% Fibonacci retracement of 1.2662-1.3127), however, near term oversold condition should prevent sharp fall below previous resistance at 1.2829 and reckon 1.2800 would hold on first testing, risk from there is seen for a rebound later.
In view of this, we are looking to sell euro on recovery as the Ichimoku cloud bottom (now at 1.2991) should limit upside. Only above previous support at 1.3042 (now resistance and this would also break the upper Kumo at 1.3038) would suggest low is possibly formed and risk test of previous resistance at 1.3087 but break there is needed to signal correction from 1.3127 has ended.
IMOH, Clement I
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