EUR/USD – 1.1998
Original strategy :
Sold at 1.1980, stopped at 1.2015
Position : – Short at 1.1980
Target : –
Stop : – 1.2015
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Euro’s intra-day brief rally has dampened our bearishness and gain to resistance at 1.2070 (last week’s high) cannot be ruled out, however, break there there is needed to revive bullishness and signal recent upmove has finally resumed and extend gain to 1.2100, then towards 1.2130-40 but near term overbought condition should limit upside today.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below 1.1960-65 would prolong consolidation and weakness to 1.1925-30 cannot be ruled out but break there is needed to signal an intra-day high is formed, bring weakness to 1.1900, then towards 1.1865-70 later.
