Trade Idea: EUR/USD — Sell at 1.4250

EUR/USD - 1.4178

Most recent candlesticks pattern : N/A
Trend : Sideways

Tenkan-Sen level : 1.4097
Kijun-Sen level : 1.4155
Ichimoku cloud top : 1.4204
Ichimoku cloud bottom : 1.4130

Original strategy : Sell at 1.4200, Target: 1.4050, Stop: 1.4250

New strategy : Sell at 1.4250, Target: 1.4100, Stop: 1.4310

The rebound from 1.4007 is a bit stronger than our expectation, suggesting a stronger correction of the fall from 1.4305 is now in progress and gain to 1.4250 cannot be ruled out, however, we still believe the resistance at 1.4305 would hold today and bring another retreat later (probably early next week).

In view of this, we are raising our short entry to 1.4250 for another retreat. Below the Tenkan-Sen (now at 1.4097) would be the first sign that rebound has possibly ended but break of 1.4007 support is needed to retain our bearish view for further decline to 1.3950.

For this past week, we have entered 2 long positions in EUR/USD and made small profit on 22 points.

Based on ActionForex.com Technical Outlook