EUR-USD pair Sell at 1.2535

EUR-USD - 1.2473

Most recent candlesticks pattern : N/A

Trend: Down

Tenkan-Sen level:1.2469
Kijun-Sen level:1.2529
Ichimoku cloud top:1.2558
Ichimoku cloud bottom:1.2517

Original strategy : Sell at 1.2535, Target: 1.2420, Stop: 1.2570

New strategy: Sell at 1.2535, Target: 1.2420, Stop: 1.2570

The EUR extended its fall from 1.2626 and the intra-day breach of previous support at 1.2441 adds credence to my POV that a Top has been formed there and consolidation with Southside bias remains for further weakness to support at 1.2410. But a clear break there is needed to signal the rebound from 1.2288 low has ended at 1.2626 and bring on a subsequent decline to 1.2390, and then to 1.2370 which is likely to hold on the 1st test.

In view of this, I am looking to sell EUR on recovery as the Kijun-Sen, now at 1.2529, should limit any upside and bring on another decline. Only a move above 1.2570-75 would signal a low is formed, and suggest the correction form 1.2626 has ended instead, bringing on a retest of this mark. Stay tuned...

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.