EUR/USD – 1.3116
 
Most recent candlesticks pattern : N/A
Trend     : Near term up

Tenkan-Sen level               :1.3113
Kijun-Sen level                 :1.3084
Ichimoku cloud top              :1.3135
Ichimoku cloud bottom          :1.3126

Original strategy : 

Sell at 1.3145, Target: 1.3030, Stop: 1.3180

Position: -
Target:  -
Stop:- 

New strategy  :  

Sell at 1.3175, Target: 1.3050, Stop: 1.3210

Position: -
Target:  -
Stop:- 

Despite yesterday’s fall to 1.3027, the subsequent rebound after holding above indicated support at 1.3026 suggests consolidation would be seen and test of the Ichimoku cloud (now at 1.3126-35) would be seen, however, reckon upside would be limited to 1.3175-80 and resistance at 1.3206 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 further recovery. Only above said resistance at 1.3206 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.