Commerce Concept Wrap-up: EUR/USD - Promote at 1.0985

EUR/USD – 1.0930

Most recent candlesticks pattern   : Long white candlestick

Trend                      : Near term up

Tenkan-Sen level              : 1.0985

Kijun-Sen level                  : 1.0988

Ichimoku cloud top             : 1.0980

Ichimoku cloud bottom      : 1.0978

New strategy  :

Sell at 1.0985, Target: 1.0885, Stop: 1.1020

Position : –

Target :  –

Stop : –

Euro’s retreat from intra-day high of 1.1043 gathered momentum, suggesting top has been formed there and consolidation with downside bias is seen for retracement of recent rise to 1.0900, then 1.0875-80, however, near term oversold condition should limit downside to 1.0830-35 and support at 1.0796 should remain intact, bring rebound later.

In view of this, we are looking to sell euro on recovery as the Kijun-Sen (now at 1.0988) should limit upside, bring another decline later. Above 1.1010 would suggest the retreat from 1.1043 has ended, bring retest of this level but only break there would confirm upmove from 1.0523 low has resumed for headway towards 1.1073-79 (previous resistance and 61.8% projection of 1.0523-1.0981 measuring from 1.0796).

Commerce Concept Wrap-up: EUR/USD - Promote at 1.0985