Trade Idea: EUR/USD - Sell at 1.4715

EUR/USD - 1.4600

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.4600
Kijun-Sen level : 1.4665
Ichimoku cloud top : 1.4747
Ichimoku cloud bottom : 1.4680

Original strategy :

Sell at 1.4700, Target: 1.4530, Stop: 1.4760

New strategy :

Sell at 1.4715, Target: 1.4540, Stop: 1.4775

Although euro has retreated after intra-day rebound to 1.4675 partly due to the release of better-than-expected U.S. GDP data, break of yesterday’s low at 1.4526 is needed to signal the decline from 1.4845 top has resumed and bring stronger correction of recent upmove to 1.4500, however, reckon support at 1.4448 (previous resistance turned support) would hold from here.

In view of this, we are still looking to sell euro on recovery. Above said resistance would bring recovery towards 1.4723 (61.8% Fibonacci retracement of 1.4845 to 1.4526) but the Ichimoku cloud top (now at 1.4747) should hold and bring another decline later. Only above 1.4800/05 would abort and risk retest of recent high at 1.4845.