EUR/USD – 1.1860
Original strategy :
Buy at 1.1800, Target: 1.1900, Stop: 1.1765
Position : –
Target : –
Stop : –
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency found renewed buying interest at 1.1805 (just missed our long entry) and has staged a strong rebound in NY morning, suggesting the pullback from 1.1880 (this week’s high) has possibly ended there and consolidation with upside bias is seen, however, break of said resistance at 1.1880 is needed to confirm recent upmove from 1.1669 low has resumed for headway to 1.1895-00 (61.8% Fibonacci retracement of 1.2035-1.1669) first.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Only below minor support at 1.1795 would defer and risk correction to 1.1770 but downside should be limited to 1.1745-50 and price should stay above indicated support at 1.1719, bring another rise later.
