EUR/USD – 1.1335
Original strategy :
Buy at 1.1280, Target: 1.1395, Stop: 1.1245
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1280, Target: 1.1395, Stop: 1.1245
Position : –
Target : –
Stop : –
The single currency has retreated after rising to 1.1389, suggesting consolidation below this level would be seen and pullback to 1.1280-85 (50% Fibonacci retracement of 1.1172-1.1389) cannot be ruled out, however, reckon 1.1255 (61.8% Fibonacci retracement) would hold and bring another rise later, above said resistance at 1.1389 would extend recent upmove 1.1400-05 (61.8% projection of 1.0839-1.1296 measuring from 1.1119), then towards 1.1430 but overbought condition should prevent sharp move beyond 1.1450-60 and price should falter below 1.1500.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.1280-85 should limit downside. Below 1.1245-50 would defer and risk test of previous resistance at 1.1220 but break there is needed to confirm top is formed instead, bring correction towards 1.1180-85 later.
