EUR/USD – 1.0770
Original strategy :
Buy at 1.0675, Target: 1.0775, Stop: 1.0640
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0675, Target: 1.0775, Stop: 1.0640
Position : –
Target : –
Stop : –
As the single currency has eased after rising to 1.0782, suggesting consolidation below this level would be seen and pullback to 1.0725-30 cannot be ruled out, however, reckon downside would be limited to support at 1.0706 and the lower Kumo (now at 1.0674) should hold, bring another rise later to resistance at 1.0799 but loss of near term upward momentum should prevent sharp move beyond another previous resistance at 1.0829, bring retreat later.
In view of this, would not chase this rise here and we are looking to buy euro on pullback as 1.0670-75 should limit downside. Below 1.0640-50 would signal top is formed, bring weakness to 1.0620-25 but said support at 1.0600 should remain intact.
