Trade Idea: EUR/USD - Stand aside

Candlesticks Trades | Written by ActionForex.com | Sep 23 09 14:10 GMT |

EUR/USD - 1.4766 Most recent candlesticks pattern : N/A Trend : Up Tenkan-Sen level : 1.4774 Kijun-Sen level : 1.4727 Ichimoku cloud top : 1.4673 Ichimoku cloud bottom : 1.4542 Original strategy : Sell at 1.4920, Target: 1.4760, Stop: 1.4980 New strategy : Stand aside As the single currency retreated after intra-day rise to 1.4843 this morning, suggesting consolidation below there would take place, however, only break of the Kijun-Sen (now at 1.4727) would signal a temporary top is in place and bring correction to the Ichimoku cloud top (now at 1.4673), however, reckon support at 1.4611 would hold from here and bring another upmove later. On the upside, above said resistance would extend medium term upmove towards 1.4906 (50% projection of 1.4177 to 1.4768 measuring from 1.4611), however, weakening of upward momentum would prevent sharp move beyond there and reckon 1.4976 (61.8% projection) would hold, bring another strong pullback later. In view of the above analysis and the upcoming FOMC result, we are standing aside in the meantime.