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Trade Idea : EUR/USD – Stand aside

EUR/USD – 1.1247

Most recent candlesticks pattern   : N/A

Trend                      : Up

Tenkan-Sen level              : 1.1240

Kijun-Sen level                  : 1.1213

Ichimoku cloud top             : 1.1179

Ichimoku cloud bottom      : 1.1144

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the single currency has maintained a firm undertone after recent rally and near term bullishness remains for recent upmove to extend gain to 1.1260-65, reckon upside would be limited to 1.1280-85 (61.8% projection of 1.0839-1.1172 measuring from 1.1076) and loss of near term upward momentum should prevent sharp move beyond 1.1300-10, risk from there is seen for a retreat later. 

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Kijun-Sen (now at 1.1213) would bring pullback towards support at 1.1161 but break there is needed to signal top is formed, bring retracement of recent rise to 1.1125-30 first. 

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