Trade Idea Update: EUR/USD – Hold long entered at 1.1765

EUR/USD – 1.1801

Original strategy  :

Bought at 1.1765, Target: 1.1865, Stop: 1.1770

Position : – Long at 1.1765

Target :  – 1.1865

Stop : – 1.1770

New strategy  :

Hold long entered at 1.1765, Target: 1.1865, Stop: 1.1770

Position : – Long at 1.1765

Target :  – 1.1865

Stop : – 1.1770

As the single currency has retreated after faltering below resistance at 1.1828, suggesting minor consolidation would be seen, however, as long as 1.1765-70 holds, mild upside bias remains for another rebound, above said resistance at 1.1828 would extend the rise from 1.1662 low to resistance at 1.1847, break there would provide confirmation that the pullback from 1.1910 has ended and encourage for headway to 1.1870-80 but reckon said resistance at 1.1910 would hold from here. 

In view of this, we are holding on to our long position entered at 1.1765. Only below 1.1740 support would abort and suggest the rebound from 1.1662 has ended instead, risk weakness to 1.1695-00 first.