EUR/USD – 1.1273
Original strategy :
Sold at 1.1230, stopped at 1.1240
Position : – Short at 1.1230
Target : –
Stop : – 1.1240
New strategy :
Buy at 1.1235, Target: 1.1335, Stop: 1.1200
Position : –
Target : –
Stop : –
The single currency has rallied in US opening on dollar’s broad-based weakness, suggesting the correction from 1.1285 has ended at 1.1166 last week, hence consolidation with upside bias is seen for retest of this level, however, break there is needed to 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.
In view of this, we are looking to turn long on pullback. Below 1.1195-00 would abort and prolong choppy trading below 1.1285, risk weakness to 1.1185, then towards said support at 1.1166 which is likely to hold from here.
