EUR/USD – 1.1698
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency rallied on dollar’s broad-based weakness after Fed, the breach of previous resistance at 1.1712 confirms recent upmove has resumed, hence gain to 1.1780-85 (50% projection of 1.1370-1.1712 measuring from 1.1613) cannot be ruled out, however, loss of near term upward momentum should prevent sharp move beyond 1.1820-25 (61.8% projection), risk from there has increased for a retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.1680 would suggest an intra-day top is formed, bring test of the lower Kumo (now at 1.1648) but break there is needed to bring correction of recent rise towards support at 1.1613 first.
