Trade Idea Update: EUR/USD – Buy at 1.1020

EUR/USD – 1.1065

Original strategy  :

Sold at 1.1000, stopped at 1.1035

Position : – Short at 1.1000

Target :  –

Stop : – 1.1035

New strategy  :

Buy at 1.1020, Target: 1.1120, Stop: 1.0985

Position : –

Target :  –

Stop : –

Euro has rallied and broke above previous resistance at 1.1025, confirming recent upmove has resumed and further gain to 1.1080 and possibly 1.1100 would be seen, however, near term overbought condition should limit upside to 1.1125-30 and reckon 1.1150 would hold from here, bring retreat later.

In view of this, we are looking to buy euro on pullback as previous resistance at 1.1025 should turn into support and contain euro’s downside, bring another upmove later. Below another previous resistance at 1.0990 would abort and suggest top is possibly formed, bring correction to 1.0965 support first.