EUR/USD – 1.2943
Original strategy :
Sell at 1.3060, Target: 1.2960, Stop: 1.3095
Position: -
Target: -
Stop:-
New strategy :
Sell at 1.3060, Target: 1.2960, Stop: 1.3095
Position: -
Target: -
Stop:-
Although current breach of this week’s low at 1.2956 signals recent decline from 1.3284 top is still in progress and weakness to 1.2920-25 is likely, loss of near term momentum should limit downside to 1.2900, risk from there remains for a much needed corrective rebound to take place. Above the Kijun-Sen (now at 1.2987 would bring test of intra-day high of 1.3008, then the Ichimoku cloud bottom (now at 1.3027) but 1.3065-67 (previous resistance and current level of the upper Kumo) should limit upside, bring another decline.
In view of this, would not chase this decline here and we prefer to sell euro on recovery. Only break of previous support at 1.3095 would signal a temporary low is formed and bring retracement of recent decline to 1.3120.
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