http://www.actionforex.com/trading-s...0120509165149/
EUR/USD – 1.2984
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level :1.2986
Kijun-Sen level :1.3004
Ichimoku cloud top :1.3067
Ichimoku cloud bottom :1.3032
New strategy :
Sell at 1.3060, Target: 1.2960, Stop: 1.3095
Position: -
Target: -
Stop:-
Although the single currency met renewed selling interests around the Ichimoku cloud bottom, break of this week’s low at 1.2956 is needed to confirm the decline from 1.3284 top has resumed and extend weakness to 1.2940 and possibly 1.2920-25 but loss of near term momentum should limit downside to 1.2900, risk from there has increased for a rebound later.
Would not chase this fall here and would be prudent to sell euro on recovery as 1.3065-67 (previous resistance and current level of the upper Kumo) should limit upside. Only break of previous support at 1.3095 would signal a temporary low is formed and bring retracement of recent decline to 1.3120 (50% Fibonacci retracement of 1.3284-1.2956).
EUR/USD – 1.2984
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level :1.2986
Kijun-Sen level :1.3004
Ichimoku cloud top :1.3067
Ichimoku cloud bottom :1.3032
New strategy :
Sell at 1.3060, Target: 1.2960, Stop: 1.3095
Position: -
Target: -
Stop:-
Although the single currency met renewed selling interests around the Ichimoku cloud bottom, break of this week’s low at 1.2956 is needed to confirm the decline from 1.3284 top has resumed and extend weakness to 1.2940 and possibly 1.2920-25 but loss of near term momentum should limit downside to 1.2900, risk from there has increased for a rebound later.
Would not chase this fall here and would be prudent to sell euro on recovery as 1.3065-67 (previous resistance and current level of the upper Kumo) should limit upside. Only break of previous support at 1.3095 would signal a temporary low is formed and bring retracement of recent decline to 1.3120 (50% Fibonacci retracement of 1.3284-1.2956).