EUR/USD – 1.3203
 
Most recent candlesticks pattern : N/A
Trend     : Near term up

Tenkan-Sen level               :1.3154
Kijun-Sen level                 :1.3121
Ichimoku cloud top              :1.3116
Ichimoku cloud bottom          :1.3089

Original strategy : 

Sold at 1.3180, Target: 1.3050, Stop: 1.3215

Position: - Short at 1.3180
Target:  - 1.3050
Stop:-  1.3215

New strategy  :  

Sell at 1.3180, Target: 1.3050, Stop: 1.3215

Position: - Short at 1.3180
Target:  - 1.3050
Stop:-  1.3215

Current rally suggests caution on our short position entered at 1.3180 and intra-day resistance at 1.3213 needs to hold to retain our consolidative view, bring another retreat, below the Tenkan-Sen (now at 1.3154) would bring test of the Kijun-Sen (now at 1.3121) but break of 1.3089 (intra-day low as well as current level of the Ichimoku cloud bottom) is needed to retain bearishness and signal the rebound from 1.3027 has ended, then another fall towards strong support at 1.3026-27 would follow. Looking ahead, only a sustained breach of this indicated support would confirm top has been formed at 1.3233 last week, bring retracement of recent rise from 1.2624 low to 1.3000 (38.2% Fibonacci retracement of 1.2624-1.3233) and possibly to 1.2970 but reckon 1.2929-31 (50% Fibonacci retracement and previous support) would hold.

In view of this, we are holding on to our short position entered at 1.3180. Only above resistance at 1.3218 would abort and signal the correction from 1.3233 has ended and bring retest of this level but break there is needed to confirm upmove has resumed for gain to 1.3275-80.