EUR/USD – 1.3271
 
Most recent candlesticks pattern : N/A
Trend     : Near term up

Tenkan-Sen level               :1.3264
Kijun-Sen level                 :1.3191
Ichimoku cloud top              :1.3116
Ichimoku cloud bottom          :1.3099

Original strategy : 

Sold at 1.3180, stopped at 1.3215

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

New strategy  :  

Stand aside

Position: -
Target:  -
Stop:- 

Although yesterday’s rally above 1.3233 resistance confirms recent upmove from 1.2624 low has resumed and euro has risen again today, loss of near term upward momentum should prevent sharp move beyond 1.3325 (50% projection of 1.3089-1.3270 measuring from 1.3233) and reckon 1.3345-50 (61.8% projection) should hold from here, risk from there has increased for another strong pullback later this week.

In view of this, would not chase this move here and we prefer to stand aside in the meantime. Below 1.3230-35 would bring retreat to the Kijun-Sen (now at 1.3191) but only break of 1.3165-70 would signal temporary top is formed and bring test of the Ichimoku cloud top (now at 1.3116), however, reckon support at 1.3089 would hold from here.