Trade Idea: EUR/USD - Exit Long Entered At 1.4890

EUR/USD - 1.4902
Most recent candlesticks pattern : N/A
Trend : Up
Tenkan-Sen level : 1.4954Kijun-Sen level : 1.4954Ichimoku cloud top : 1.4925Ichimoku cloud bottom : 1.4834
Original strategy
Bought at 1.4890, Target: 1.5050, Stop: 1.4825
New strategy
Exit long entered at 1.4890
Despite rising marginally to another 2009 high of 1.5064 yesterday, the single currency tumbled from there in New York session on falling stocks and oil prices, suggesting a temporary top has been formed there and correction of recent upmove has taken place. Although euro found support above the Ichimoku cloud bottom and recovered from 1.4845, reckon upside would be limited to the convergence of Tenkan-Sen and Kijun-Sen (now both at 1.4954) and bring another decline later. Below 1.4834-45 (current level of the lower Kumo and previous support and also approx. 38.2% Fibonacci retracement of 1.4480 to 1.5064 at 1.4841) would extend weakness to 1.4772 (50% Fibonacci retracement) later.
In view of this, we are exiting our long position entered at 1.4890 with small profit and stand aside in the meantime. Only above 1.4980 (previous support) would bring another bounce to 1.5000 and possibly retest of 1.5064 which is expected to remain intact.