EUR/USD – 1.2713

Most recent candlesticks pattern : N/A
Trend     : Down

Tenkan-Sen level               :1.2710
Kijun-Sen level                 :1.2722
Ichimoku cloud top              :1.2692
Ichimoku cloud bottom          :1.2667

Original strategy : 

Bought at 1.2695, Target: 1.2800, Stop: 1.2680

New strategy : 

Stand aside

Despite intra-day brief drop to 1.2676 (triggered our stop at 1.2680) after Bernanke’s remarks, as price has rebounded again, suggesting further consolidation would be seen, however, break of resistance at 1.2765 (yesterday’s high) is needed to revive our bullishness for a stronger retracement of recent decline to 1.2795-00 (61.8% Fibonacci retracement of 1.2923 to 1.2588) but resistance at 1.2833 should hold from here.

On the downside, only below 1.2666-67 (previous support and current level of the Ichimoku cloud bottom) would signal top has been formed and bring weakness to 1.2608, below would bring resumption of decline for retest of 1.2588.

As near term outlook is mixed, stand aside in the meantime.