EUR/USD – 1.1826
Original strategy :
Buy at 1.1765, Target: 1.1865, Stop: 1.1730
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1850, Target: 1.1750, Stop: 1.1885
Position : –
Target : –
Stop : –
As the single currency has retreated after intra-day rise to 1.1869, suggesting minor top is formed and consolidation below this level is seen with mild downside bias for test of 11.0785 support, however, break there is needed to add credence to this view, bring retracement of recent upmove to 1.1750-60 but reckon downside would be limited to previous support at 1.1723 and bring rebound later.
In view of this, we are looking to sell euro on recovery as 1.1850 should limit upside. A break of said resistance at 1.1869 would signal recent upmove has resumed and extend gain towards 1.1900-05 (61.8% projection of 1.1370-1.1777 measuring from 1.1650) before correction takes place.
