EUR/USD - 1.2265

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.2311 Kijun-Sen level :1.2406 Ichimoku cloud top :1.2628 Ichimoku cloud bottom :1.2577

New strategy :

Sell at 1.2350, Target: 1.2250, Stop: 1.2400

The single currency resumed recent decline this morning and outlook remains bearish for further weakness to 1.2250 (100% projection of 1.3095 to 1.2605 measuring from 1.2740) and possibly towards 1.2200, however, near term oversold condition should prevent sharp fall below latter level and risk has increased for a corrective rebound later.

In view of the above analysis, we are looking to sell euro on recovery. Only above the Kijun-Sen (now at 1.2406) would suggest a temporary low is formed and risk retracement to 1.2432 and then 1.2480/85.