EUR/USD – 1.2032
Original strategy :
Buy at 1.2000, Target: 1.2100, Stop: 1.1965
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1965, Target: 1.2065, Stop: 1.1930
Position : –
Target : –
Stop : –
As euro’s upmove has accelerated after last week’s anticipated rally above previous resistance at 1.1910 (now support), adding credence to our bullish view that recent upmove is still in progress and may extend headway to 1.2070 and then 1.2095-00, however, near term overbought condition should limit upside and reckon 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662) would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to reinstate long on pullback as 1.1955-65 should limit downside. Only below 1.1930 would defer and risk test of support area at 1.1910-13 which is likely to hold from here.
