Trade Idea Update: EUR/USD – Stand aside

Original strategy :

Buy at 1.2075, Target: 1.2190, Stop: 1.2025

New strategy :

Stand aside

Although the single currency has rebounded after trading above intra-day support at 1.2143, a firm breach above the Kijun-Sen (now at 1.2296 is needed to signal a temporary low is possibly formed and bring further gain to the Ichimoku cloud bottom (now at 1.2365 but break of the upper Kumo (now at 1.2406) is needed to confirm, then retracement to yesterday's high at 1.2445 would follow.

Below said support would indicate recent decline has once again resumed, then weakness to 1.2100 would follow, however, loss of near term downward momentum would prevent sharp fall below 1.2070/75 (approx. 50% projection of 1.2445-1.2143 measuring from 1.2224) and bring rebound later.

Would be prudent to stand aside in the meantime.