Trade Idea: EUR/USD - Sell at 1.3630

EUR/USD - 1.3530

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.3624
Kijun-Sen level : 1.3669
Ichimoku cloud top : 1.3700
Ichimoku cloud bottom : 1.3663

Original strategy :

Sell at 1.3700, Target: 1.3550, Stop: 1.3765

New strategy :

Sell at 1.3630, Target: 1.3470, Stop: 1.3695

As the single currency tumbled again after brief recovery towards the Tenkan-Sen, suggesting the entire correction from 1.3433 has ended at 1.3819 and downside bias remains for further weakness to 1.3460/70, however, break of said recent low at 1.3433 is needed to confirm early decline has resumed and extend weakness to 1.3405 (61.8% Fibonacci retracement of entire rise from 1.2329 to 1.5145), then towards 1.3350/60, however, reckon euro would stay well above 1.3246 (50% projection of 1.4580 to 1.3433 measuring from 1.3819).

In view of the above analysis, we are still looking to sell euro on recovery but at lower level as renewed selling interest should emerge below previous support at 1.3639. Only .above the Ichimoku cloud top (now at 1.3700) would prolong choppy consolidation and risk 1.3750.