EUR/USD – 1.1227
Original strategy :
Bought at 1.1205, stopped profit at 1.1235
Position : – Long at 1.1205
Target : –
Stop : – 1.1235
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency has slipped after meeting resistance again just below last week’s high at 1.1285, suggesting further consolidation below this level would be seen, however, break of 1.1195-00 (50% Fibonacci retracement of 1.1109-1.1285) is needed to signal top has been formed at 1.1285, bring retracement of recent rise to indicated support at 1.1164 first.
On the upside, only break of said resistance at 1.1285 would revive bullishness and extend recent rise to 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. As near term outlook is mixed, would be prudent to stand aside for now.
