EUR/USD – 1.1216
Original strategy :
Sold at 1.1230, Target: 1.1130, Stop: 1.1265
Position : – Short at 1.1230
Target :Â – 1.1130
Stop : – 1.1265
New strategy :
Hold short entered at 1.1230, Target: 1.1130, Stop: 1.1265
Position : – Short at 1.1230
Target :Â – 1.1130
Stop : – 1.1265
Although the single currency rebounded after falling to 1.1166 on Friday and initial upside risk is seen for this rebound to extend gain to 1.1237 (previous resistance), however, reckon 1.1250 would hold, bring retreat later, below 1.1180 would bring retest of 1.1166 but break there is needed to extend the fall from 1.1285 top for retracement of early upmove to 1.1145-50 and then towards 1.1120 but support at 1.1109 should hold from here.
In view of this, we are holding on to our short position entered at 1.1230. Above 1.1265-70 would abort and bring retest of 1.1285, only break there would revive bullishness and confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 and later towards chart point at 1.1366.
