Trade Idea Wrap-up: EUR/USD - Sell at 1.0810

EUR/USD – 1.0702

Most recent candlesticks pattern   : N/A

Trend                      : Down

Tenkan-Sen level              : 1.0722

Kijun-Sen level                  : 1.0724

Ichimoku cloud top             : 1.0814

Ichimoku cloud bottom      : 1.0768

Original strategy  :

Sell at 1.0810, Target: 1.0680, Stop: 1.0845

Position : –

Target :  –

Stop : –

New strategy  :

Sell at 1.0810, Target: 1.0680, Stop: 1.0845

Position : –

Target :  –

Stop : –

As the single currency has fallen again after meeting renewed selling interest at 1.0817, adding credence to our bearish view that recent downtrend is still in progress and may extend weakness to 1.0696 (50% projection of 1.1300-1.0854 measuring from 1.0919), then towards 1.0640-45 (61.8% projection), however, oversold condition should limit downside to 1.0600-10 and reckon 1.0550-60 would remain intact. 

In view of this, we are looking to sell euro on recovery as said resistance at 1.0817 should limit upside. Above previous support at 1.0854 would defer and risk rebound to 1.0880-85 but still reckon previous resistance at 1.0919 would cap upside.

Trade Idea Wrap-up: EUR/USD - Sell at 1.0810