Trade Idea Update: EUR/USD – Buy at 1.1985

EUR/USD – 1.2046

Original strategy  :

Buy at 1.1985, Target: 1.2090, Stop: 1.1950

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1985, Target: 1.2090, Stop: 1.1950

Position : –

Target :  –

Stop : –

Although the single currency surged again after breaking above previous resistance at 1.2070 and bullishness remains for recent upmove to extend gain to 1.2100, loss of upward momentum should prevent sharp move beyond 1.2130-40 and reckon 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662) would limit upside, price should falter below 1.2175-80, bring retreat later. 

In view of this, would not chase this rise here and would be prudent to buy euro on subsequent pullback as support at 1.1980-84 should limit downside and bring another upmove later. Below 1.1950 (previous resistance turned support) would signal a temporary top is formed instead bring weakness to 1.1925-30 first.