Trade Idea Update: EUR/USD – Hold long entered at 1.1205

EUR/USD – 1.1263

Original strategy  :

Bought at 1.1205, Target: 1.1305, Stop: 1.1235

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1235

New strategy  :

Hold long entered at 1.1205, Target: 1.1305, Stop: 1.1235

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1235

As the single currency has retreated again after faltering below resistance at 1.1285 in part due to cross-selling against yen, suggesting further consolidation below this level would be seen, however, as long as 1.1235-40 holds, mild upside bias remains for recent upmove to resume after consolidation, above said resistance at 1.1285 would extend rise to another previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 but 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. Only 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.