EUR/USD – 1.3008
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level :1.3005
Kijun-Sen level :1.2977
Ichimoku cloud top :1.2935
Ichimoku cloud bottom :1.2924
Original strategy :
Sell at 1.3030, Target: 1.2920, Stop: 1.3065
Position: -
Target: -
Stop:-
New strategy :
Sell at 1.3035, Target: 1.2920, Stop: 1.3070
Position: -
Target: -
Stop:-
As the single currency has maintained a firm undertone after breaking above the Ichimoku cloud top yesterday, retaining our view that near term upside risk remains for a stronger retracement of recent decline and gain to 1.3032-35 (61.8% Fibonacci retracement of 1.3127-1.2878) is likely, however, still reckon previous support at 1.3042 would limit upside and bring another decline. Below the Kijun-Sen (now at 1.2977) would bring test of the Ichimoku cloud bottom (now at 1.2924), break there would bring test of said support at 1.2878, below this support would extend the fall from last week's 1.3127 high for a deeper correction of recent rise from 1.2662 to 1.2840 (61.8% Fibonacci retracement of 1.2662-1.3127) but sharp fall below previous resistance at 1.2829 should not be repeated and reckon 1.2800 would hold from here.
In view of this, we are looking to sell euro on further rise. Only a firm breach above previous support at 1.3042 (now resistance) 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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