EUR/USD – 1.1219
Original strategy :
Sold at 1.1230, Target: 1.1130, Stop: 1.1240
Position : – Short at 1.1230
Target : – 1.1130
Stop : – 1.1240
New strategy :
Hold short entered at 1.1230, Target: 1.1130, Stop: 1.1240
Position : – Short at 1.1230
Target : – 1.1130
Stop : – 1.1240
As the single currency retreated after faltering below indicated resistance at 1.1237, retaining our view that consolidation below this level would be seen and as long as said resistance holds, bearishness remains for weakness to 1.1180, break there would signal the rebound from 1.1166 has ended, bring retest of this level but below there is needed to extend the fall from 1.1285 top for retracement of early upmove to 1.1145-50 and then towards 1.1120, however, support at 1.1109 should hold from here.
In view of this, we are holding on to our short position entered at 1.1230. Only above 1.1265-70 would abort and bring retest of 1.1285, only break there 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.
