EUR/USD - 1.2163

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.2184 Kijun-Sen level :1.2294 Ichimoku cloud top :1.2406 Ichimoku cloud bottom :1.2341

Original strategy :

Sell at 1.2465, Target: 1.2350, Stop: 1.2515

New strategy :

Buy at 1.2075, Target: 1.2190, Stop: 1.2025

The single currency resumed recent decline on broad-based weakness in euro and further weakness to 1.2100 would be seen, however, loss of near term downward momentum would prevent sharp fall below 1.2070/75 (approx. 50% projection of 1.2445-1.2143 measuring from 1.2224) and bring rebound later. Above 1.2224 would suggest minor low is possibly formed and bring retracement to the Kijun-Sen (now at 1.2294) but the Ichimoku cloud bottom (now at 1.2341) would cap upside.

In view of this, we are inclined to venture buying on such a decline. Below 1.2030/35 (approx. 61.8% projection) would risk test of psychological support at 1.2000.