EUR/USD – 1.150
Original strategy :
Sell at 1.1240, Target: 1.1140, Stop: 1.1275
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1190, Target: 1.1090, Stop: 1.1225
Position : –
Target : –
Stop : –
Although the single currency surged to as high as 1.1296, lack of follow through buying on break of previous resistance at 1.1285 and the subsequent reversal signal top has been formed there, current breach of indicated support at 1.1166 adds credence to this view and bearishness remains for further fall to 1.1125-30, however, near term oversold condition should limit downside to previous support at 1.1109.
In view of this, we are looking to sell euro on recovery as 1.1185-90 should limit upside and bring another decline. Above 1.1225-30 would defer and risk a stronger rebound to 1.1250 but price should falter well below said resistance at 1.1296, bring another decline later.
