EUR/USD – 1.1999
Original strategy :
Bought at 1.1970, Target: 1.2070, Stop: 1.1950
Position : – Long at 1.1970
Target : – 1.2070
Stop : – 1.1950
New strategy :
Hold long entered at 1.1970, Target: 1.2070, Stop: 1.1950
Position : – Long at 1.1970
Target : – 1.2070
Stop : – 1.1950
Yesterday’s breach of indicated resistance at 1.1995-00 (previous resistance and 61.8% Fibonacci retracement of 1.2093-1.1838) adds credence to our view that the fall from 1.2093 top has ended at 1.1838 last week and consolidation with upside bias remains for further gain to 1.2030-35, then 1.2050-55, however, break of 1.2070 is needed to signal early upmove has resumed for retest of 1.2093 first.
In view of this, we are holding on to our long position entered at 1.1970. Below 1.1950-55 would defer and risk weakness towards support at 1.1915 (Monday’s low) but only break there wold signal the rebound from 1.1838 has ended instead, bring further fall to 1.1880.
