Trade Idea Update: EUR/USD – Stand aside

EUR/USD – 1.1178

Original strategy  :

Buy at 1.1055, Target: 1.1155, Stop: 1.1020

Position : –

Target :  –

Stop : –

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although current break of indicated previous resistance at 1.1172 confirms recent upmove has resumed and may extend further gain to 1.1205-10 (1.618 times projection of 1.0839-1.0990 measuring from 1.0965), loss of momentum should limit upside and reckon 1.1250 would hold from here, 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 Tenkan-Sen (now at 1.1147) would defer and bring test of the Kijun-Sen (now at 1.1131), break there would suggest top is possibly formed, risk correction to 1.1100 but reckon support at 1.1076 (yesterday’s low) would hold from here.