EUR/USD - 1.2362

Most recent candlesticks pattern : N/A Trend : Down

Tenkan-Sen level :1.2357 Kijun-Sen level :1.2334 Ichimoku cloud top :1.2459 Ichimoku cloud bottom :1.2361

Original strategy :

Sold at 1.2405, met target at 1.2305

New strategy :

Stand aside

Although the single currency retreated as expected from 1.2415 to 1.2282 yesterday (our short position entered at 1.2405 met profit target at 1.2305 with 100 points profit), as price then recovered from 1.2282, suggesting further consolidation within 1.2282-1.2415 range would be seen in the near term. Above said resistance would bring retracement of recent decline to 1.2460 (50% Fibonacci retracement of 1.2685 to 1.2234 and just above current level of the Ichimoku cloud top at 1.2459).

Below said lower range at 1.2282 would signal correction from 1.2234 is over and bring resumption of decline for retest of this support, then towards 1.2200.

As near term outlook has turned mixed, stand aside in the meantime.