EUR/USD – 1.3233
 
Most recent candlesticks pattern : N/A
Trend     : Near term up

Tenkan-Sen level               :1.3238
Kijun-Sen level                 :1.3243
Ichimoku cloud top              :1.3242
Ichimoku cloud bottom          :1.3211

Original strategy : 

Buy at 1.3135, Target: 1.3260, Stop: 1.3100

Position: -
Target:  -
Stop:- 

New strategy  :  

Stand aside

Position: -
Target:  -
Stop:- 

Euro’s near term sideways trading is expected to continue and as long as resistance at 1.3293 (yesterday’s high) holds, risk of another corrective fall cannot be ruled out, however, renewed buying interest should emerge around 1.3130-35 (50% Fibonacci retracement of 1.2975-1.3293) and bring another rise later. A break of said resistance would extend recent upmove to 1.3335-40 (50% projection of 1.2975-1.3277 measuring from 1.3186), however, loss of near term upward momentum should prevent sharp move beyond 1.3370-75 (61.8% projection) and bring another strong pullback later.

On the downside, only below minor support at 1.3115 would abort and signal a temporary top is formed and risk correction to 1.3100 and then 1.3075/80 later.

As near term outlook is mixed, would be prudent to stand aside in the meantime.