EUR/USD – 1.1984
Original strategy :
Bought at 1.1985, Target: 1.2090, Stop: 1.1950
Position : – Long at 1.1985
Target : – 1.2090
Stop : – 1.1950
New strategy :
Hold long entered at 1.1985, Target: 1.2090, Stop: 1.1950
Position : – Long at 1.1985
Target : – 1.2090
Stop : – 1.1950
Euro’s retreat after rising to 1.2093 late last week suggests consolidation below this level would be seen and marginal weakness from here cannot be ruled out, however, reckon downside would be limited and bring another rise later, above 1.2030 would suggest an intra-day low is formed, bring test of 1.2070-75, break there would signal the pullback from 1.2093 has ended, then retest of this resistance would follow but break there is needed to extend recent upmove towards 1.2150-55 (61.8% projection of 1.1119-1.1910 measuring from 1.1662).
In view of this, we are holding on to our long position entered at 1.1985. Below 1.1950 (previous resistance turned support) would signal a temporary top is formed instead bring weakness to 1.1925-30 first.
