Trade Idea Update: EUR/USD – Stand aside

EUR/USD – 1.1244

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the single currency has surged again after brief pullback to 1.1161 and initial upside bias 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 limit upside to 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 1.1206) would bring pullback towards said support at 1.1161 but break there is needed to signal top is formed, bring retracement of recent rise to 1.1125-30 first.