EUR/USD – 1.3274
 
New strategy  :  

Stand aside

Position: -
Target:  -
Stop:- 

Although intra-day marginal rise to 1.3289 has retained our view that near term upside risk remains for recent upmove from 1.2624 low to extend one more rise to 1.3300, loss of near term upward momentum should prevent sharp move beyond 1.3325 (50% projection of 1.3089-1.3270 measuring from 1.3233) and reckon 1.3345-50 (61.8% projection) should hold from here, bring retreat later.

In view of this, would not chase this move here and we prefer to stand aside in the meantime. Below 1.3233 (previous resistance) would bring test of1.3206, however, break of the Kijun-Sen (now at 1.3192) is needed to suggest top is possibly formed but only break of 1.3165-70 would confirm and bring weakness to Ichimoku cloud top (now at 1.3113-16).