Trade Idea: EUR/USD - Sell at 1.4325

EUR/USD - 1.4240

Most recent candlesticks pattern : N/A
Trend : Up

Tenkan-Sen level : 1.4235
Kijun-Sen level : 1.4209
Ichimoku cloud top : 1.4166
Ichimoku cloud bottom : 1.4064

Original strategy : Buy at 1.4150, Target: 1.4290, Stop: 1.4095

New strategy : Sell at 1.4325, Target: 1.4180, Stop: 1.4380

Although the single currency resumed recent upmove to an intra-day high of 1.4299, price has retreated on cross-trading but as long as 1.4172 minor support holds, a marginal rise to 1.4320/30 cannot be ruled out but recent high at 1.4339 is likely to hold on first attempt and bring correction later. Break of 1.4166/72 (the Ichimoku cloud top and indicated support level) would confirm temporary top is formed and bring correction to 1.4118 later, then towards the Ichimoku cloud bottom (now at 1.4064).

In view of the above analysis, we are turning short on next upmove for such a retreat. Above 1.4339 resistance would extend gain to 1.4370 but price should falter below 1.4403 (61.8% projection of 1.3832-1.4292 measuring from 1.4118).