EUR/USD –trade Ideas

Buy at 1.3255, Target: 1.3375, Stop: 1.3220 Position: - Target:  - Stop:-  Although euro has rebounded after intra-day fall to 1.3282, reckon resistance at 1.3356 would limit upside and the Kijun-Sen (now at 1.3375) should hold, bring another decline, below said support would extend the fall from 1.3486 top for deeper correction to 1.3270 (previous support) but reckon 1.3240-50 would limit downside and bring rebound due to loss of near term downward momentum. Above the Kijun-Sen would suggest low is possibly formed, bring a stronger rebound to the Ichimoku cloud bottom (now at 1.3426) but upside should be limited to the upper Kumo (now at 1.3446) and resistance at 1.3486 should remain intact, bring another retreat later. In view of this, we are inclined to buy euro on next decline. Below 1.3231 (50% Fibonacci retracement of 1.2975 to 1.3486) would risk weakness towards support at 1.3195-00 but still reckon 1.3170 (61.8% Fibonacci retracement) would hold, bring another rebound later.