EUR/USD – 1.1890
Original strategy :
Sold at 1.1975, Target: 1.1850, Stop: 1.2010
Position : – Short at 1.1975
Target : – 1.1850
Stop : – 1.2010
New strategy :
Had short entered at 1.1975, Target: 1.1875, Stop: 1.1945
Position : – Short at 1.1975
Target : – 1.1875
Stop : – 1.1945
Although the single currency staged a brief bounce to 1.1980 in NY morning after NFP, as renewed selling interest emerged there and euro has dropped again, retaining our bearishness or weakness to 1.1850, however, break of yesterday’s low at 1.1823 is needed to signal the fall from 1.2070 top has resumed and extend decline to 1.1815-18 (61.8% Fibonacci retracement of 1.1662-1.2070) but downside should be limited to 1.1790-00 and support at 1.1773 should remain intact.
In view of this, we are holding on to our short position entered at 1.1975. Above said resistance at 1.1980 would abort and signal the fall from 1.2070 has ended at 1.1823 yesterday, bring further gain to 1.2000 and possibly towards 1.2025-30 but still reckon upside would be limited to 1.2050 and price should falter below said this week’s high at 1.2070, bring another retreat later.
