EUR/USD – 1.1213
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Failure to extend early rebound from 1.1204 and the subsequent retreat after faltering below strong resistance at 1.1285 suggest further consolidation would be seen and weakness to 1.1195 is likely, however, break of indicated support 1.1164 is needed to confirm top has been formed at 1.1285, bring subsequent decline to 1.1145-50 first.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.1245-50 would bring another bounce to 1.1270 but only break of said resistance at 1.1285 would revive bullishness and confirm recent upmove has resumed and extend further gain to previous chart resistance at 1.1300, break there would encourage for headway to 1.1340-45 and later towards chart point at 1.1366.
