EUR/USD – 1.3018
New strategy :
Stand aside
Position: -
Target: -
Stop:-
Despite intra-day selloff to 1.2956, as the single currency has rebounded, suggesting consolidation would be seen and retracement to the Kijun-Sen (now at 1.3067) cannot be ruled out, however, previous support at 1.3095 should limit upside and bring another decline. A break of said support would extend recent decline from 1.3284 to 1.2950 and possibly 1.2920-25, however, loss of near term momentum should limit downside to 1.2900.
Would not chase this decline here and we prefer to sell euro on recovery. Only above the Ichimoku cloud (now at 1.3146-64) would signal a temporary low is formed instead and risk test of previous resistance at 1.3180 first.
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