Commerce Concept Wrap-up: EUR/USD - Exit brief entered at 1.0980 and promote at 1.1000
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Commerce Concept Wrap-up: EUR/USD - Exit brief entered at 1.0980 and promote at 1.1000
EUR/USD – 1.0968
Most recent candlesticks pattern : N/A
Trend : Near term down
Tenkan-Sen level : 1.0943
Kijun-Sen level : 1.0934
Ichimoku cloud top : 1.0863
Ichimoku cloud bottom : 1.0851
Original strategy :
Sold at 1.0980, Target: 1.0860, Stop: 1.1015
Position : – Short at 1.0980
Target : – 1.0860
Stop : – 1.1015
New strategy :
Exit short and sell at 1.1000, Target: 1.0890, Stop: 1.1035
Position : –
Target : –
Stop : –
As the single currency has surged again today, suggesting near term upside risk remains for the rebound from 1.0803 to extend gain towards 1.1000, however, as broad outlook remains consolidative, reckon resistance at 1.1012 would cap upside and bring retreat later, below the Kijun-Sen (now at 1.0934) would suggest an intra-day top is possibly formed but break of 1.0900 is needed to add credence to this view, bring weakness to the upper Kumo (now at 1.0863, then towards support at 1.0848.
In view of this, would be prudent to exit short entered at 1.0980 and sell again on further rise. Above indicated key resistance at 1.1012 would shift risk to upside and signal the fall from 1.1060 has ended, bring retest of this level first.
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