EUR/USD – 1.0850
Original strategy :
Sell at 1.0955, Target: 1.0855, Stop: 1.0990
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0930, Target: 1.0820, Stop: 1.0965
Position : –
Target : –
Stop : –
As the single currency has remained under pressure after this week’s selloff, adding credence to our view that the fall from 1.1025 top is still in progress, hence bearishness remains for this decline to bring at least a strong retracement of early upmove towards 1.0825-30, then 1.0800 but reckon 1.0770-75 would hold from here due to near term overbought condition.
In view of this, we are looking to sell euro on recovery as 1.0930-35 should limit upside. Above 1.0955-60 would defer and risk a stronger rebound but still reckon upside would be limited to resistance at 1.0997 and price should falter below this week’s high at 1.1025.
