EUR/USD – 1.1180
Original strategy :
Sell at 1.1200, Target: 1.1100, Stop: 1.1235
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1210, Target: 1.1110, Stop: 1.1245
Position : –
Target : –
Stop : –
The single currency found support just below 1.1140 and has recovered, retaining our view that further consolidation above this week’s low at 1.1119 would be seen and near term upside risk remains for retracement to 1.1207-13 (50% Fibonacci retracement of 1.1296-1.1119 and previous resistance), however, upside should be limited and bring another decline later, below 1.1135-40 would suggest the rebound from 1.1119 has ended, bring retest of this level, below there would confirm recent decline has resumed for further weakness to previous support at 1.1109, then towards 1.1075-80.
In view of this, we are looking to sell euro on recovery as 1.1205-10 should limit upside. Only a firm break above 1.1213 resistance would defer and risk a stronger rebound to 1.1230-35 but upside should be limited to 1.1260-70, bring another decline later.
