EUR/USD – 1.1408
Original strategy :
Buy at 1.1320, Target: 1.1420, Stop: 1.1285
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1320, Target: 1.1420, Stop: 1.1285
Position : –
Target : –
Stop : –
As the single currency has risen again after finding renewed buying interest at 1.1292,, suggesting recent rise is still in progress and may extend further gain to 1.1455-60 (61.8% projection of 1.1119-1.1389 measuring from 1.1292), then 1.1480, however, overbought condition should prevent sharp move beyond 1.1500, risk from there has increased for a retreat later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback, below the Kijun-Sen (now at 1.1360) would bring correction to 1.1315-20 but said support at 1.1292 should remain intact, bring another rally later.
