Commerce Concept Wrap-up: EUR/USD - Stand apart

EUR/USD – 1.0911

Most recent candlesticks pattern   : N/A

Trend                      : Near term down

Tenkan-Sen level              : 1.0926

Kijun-Sen level                  : 1.0922

Ichimoku cloud top             : 1.0951

Ichimoku cloud bottom      : 1.0951

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Remark: Due to New Year holidays, update will resume on Monday 4 Jan 2016.

Euro’s retreat after meeting resistance at 1.0993 earlier this week suggests top has possibly been formed there and consolidation with downside  bias is seen for test o 1.0895-00, however, break of indicated support at 1.0870 is needed to add credence to this view and signal the rebound from 1.0803 low has ended, bring further fall to 1.0845-50 first.

On the upside, above 1.0945-50 would bring rebound to 1.0975-80 but break of said resistance at 1.0993 is needed to signal the rise from 1.0803 is still in progress for test of key resistance at 1.1012, only break there would signal early fall from 1.1060 has ended, bring retest of this level later. As near term outlook is mixed, would be prudent to stand aside in the meantime.

Commerce Concept Wrap-up: EUR/USD - Stand apart