EUR/USD – 1.1799
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency continued meeting resistance at 1.1858 (like several times) and has retreated today, suggesting consolidation below this level would be seen and pullback to 1.1785-90 cannot be ruled out, however, break of support at 1.1768 is needed to signal the rebound from 1.1730 has ended at 1.1858, bring another fall towards this level later. A drop below this support would prolong consolidation below 1.1880, bring weakness to 1.1700 first.
On the upside, above said resistance at 1.1858 would suggest the correction from 1.1880 has ended, bring retest of this level, break there would signal another leg of erratic upmove from 1.1669 low is underway for gain to 1.1900-10, then towards 1.1940-50 later. As near term outlook is mixed, would be prudent to stand aside for now.
