EUR/USD – 1.1111
Original strategy :
Buy at 1.1065, Target: 1.1185, Stop: 1.1030
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1065, Target: 1.1185, Stop: 1.1030
Position : –
Target : –
Stop : –
As the single currency has eased after rising to 1.1172, suggesting minor consolidation would be seen and pullback to 1.1100 and possibly support at 1.1081 cannot be ruled out, however, reckon 1.1060-65 would limit downside and bring another rise later, above said resistance at 1.1172 would extend recent rise towards 1.1205-10 (1.618 times projection) but reckon 1.1250 would hold from here, bring retreat later.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.1065-70 should limit downside. Below previous resistance at 1.1025 (now support) would defer and suggest top is possibly formed instead, risk test of another previous resistance at 1.0990 first.
