Trade Idea Update: EUR/USD – Hold long entered at 1.1765

EUR/USD – 1.1795

Original strategy  :

Bought at 1.1765, Target: 1.1865, Stop: 1.1730

Position : – Long at 1.1765

Target :  – 1.1865

Stop : – 1.1730

New strategy  :

Hold long entered at 1.1765, Target: 1.1865, Stop: 1.1740

Position : – Long at 1.1765

Target :  – 1.1865

Stop : – 1.1740

Although the single currency slipped in European morning, as euro found support at 1.1740 and has rebounded, retaining our view that the pullback from 1.1828 has ended there and bring retest of said resistance, break there would extend the rise from 1.1662 low to resistance at 1.1847, above there would provide confirmation that the pullback from 1.1910 has ended and encourage for headway to 1.1870-80 but reckon said resistance at 1.1910 would hold from here. 

In view of this, we are holding on to our long position entered at 1.1765. Only below 1.1725-30 would abort and suggest the rebound from 1.1662 has ended instead, risk weakness to 1.1695-00 first.