EUR/USD – 1.3073
 
Most recent candlesticks pattern : N/A
Trend     : Near term up

Tenkan-Sen level               :1.3063
Kijun-Sen level                 :1.3116
Ichimoku cloud top              :1.3147
Ichimoku cloud bottom          :1.3146

Original strategy : 

Sell at 1.3120, Target: 1.3020, Stop: 1.3155

Position: -
Target:  -
Stop:- 

New strategy  :  

Sell at 1.3145, Target: 1.3030, Stop: 1.3180

Position: -
Target:  -
Stop:- 

Despite intra-day fall to 1.3027, as the single currency has recovered after holding above indicated support at 1.3026, suggesting consolidation would be seen and test of the Kijun-Sen (now at 1.3116) cannot be ruled out, however, the Ichimoku cloud (now at 1.3146-47) should hold, bring another decline later. A sustained breach of said support at 1.3026 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 looking to sell euro on recovery. Only above 1.3168 would abort and signal the retreat from 1.3206 has ended and bring another test of this level, then retest of last week’s high at 1.3233.