HomeTrade IdeasCandlesticks IntradayTrade Idea Update: EUR/USD - Stand aside

Trade Idea Update: EUR/USD – Stand aside

EUR/USD – 1.1716

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

Although the single currency met renewed selling interest at 1.1790 and has dropped again, lack of follow through selling on break of previous support at 1.1681 (yesterday’s low) suggests consolidation would be seen and recovery to 1.1745-50 cannot be ruled out, however, said resistance at 1.1790 should hold and bring another decline later. Below 1.1660 would extend the erratic decline from 1.1910 top to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support) but reckon 1.1600 would hold from here.

On the upside, only break of said resistance at 1.1790 would suggest low is formed instead, bring a stronger rebound to 1.1820-25 but resistance at 1.1847 should hold on first testing. As near term outlook is still mixed, would be prudent to stand aside for now. 

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