EUR/USD – 1.1266
Original strategy :
Bought at 1.1205, Target: 1.1305, Stop: 1.1170
Position : – Long at 1.1205
Target : – 1.1305
Stop : – 1.1170
New strategy :
Hold long entered at 1.1205, Target: 1.1305, Stop: 1.1215
Position : – Long at 1.1205
Target : – 1.1305
Stop : – 1.1215
As euro has rallied on dollar’s broad-based weakness after soft NFP data and resistance at 1.1257-68 was breached, confirming our view that early upmove has resumed and test of another previous chart resistance at 1.1300 is underway, above there would encourage for headway to 1.1340-45, however, overbought condition should limit upside to chart point at 1.1366.
In view of this, we are holding on to our long position entered at 1.1205. Below support at 1.1202 would abort and signal top is formed instead, risk weakness towards indicated support at 1.1164, once this level is penetrated, this would signal recent upmove has ended, bring further fall to 1.1130-40 first.
