Trade Idea: EUR/USD - Stand aside

EUR/USD - 1.3677

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.3733
Kijun-Sen level : 1.3729
Ichimoku cloud top : 1.3688
Ichimoku cloud bottom : 1.3616

New strategy :

Stand aside

Despite early marginal rise to 1.3819, the subsequent sharp retreat from there suggests the rise from 1.3433 has formed a temporary top and mild downside bias is seen for correction to 1.3639 (previous support and the current level of the Ichimoku cloud top), however, only a break below the flat ground Ichimoku cloud bottom (now at 1.3586) would indicate the aforesaid upmove is over, then further weakness towards key support at 1.3530-37 would follow.

On the upside, whilst recovery to the Tenkan-Sen (now at 1.3733) cannot be ruled out, break of 1.3796 is needed to revive bullishness and bring retest of 1.3819, above latter resistance would extend upmove from 1.3433 low for a stronger retracement of recent decline to resistance at 1.3840/51 and possibly towards 1.3905 (100% projection of 1.3530 to 1.3796 measuring from 1.3639 as well as 1.236 times projection of 1.3433 to 1.3736 measuring from 1.3530) which is likely to hold from here.

As near term outlook is still mixed, stand aside for now.