Trade Idea Update: EUR/USD – Buy at 1.1320

EUR/USD – 1.1408

Original strategy  :

Buy at 1.1320, Target: 1.1420, Stop: 1.1285

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1320, Target: 1.1420, Stop: 1.1285

Position : –

Target :  –

Stop : –

As the single currency has risen again after finding renewed buying interest at 1.1292,, suggesting recent rise is still in progress and may extend further gain to 1.1455-60 (61.8% projection of 1.1119-1.1389 measuring from 1.1292), then 1.1480, however, overbought condition should prevent sharp move beyond 1.1500, risk from there has increased for a retreat later.

In view of this, would not chase this rise here and would be prudent to buy euro on pullback, below the Kijun-Sen (now at 1.1360) would bring correction to 1.1315-20 but said support at 1.1292 should remain intact, bring another rally later.