EUR/USD – 1.1719
Original strategy :
Bought at 1.1785, stopped at 1.1750
Position : – Long at 1.1785
Target : –
Stop : – 1.1750
New strategy :
Sell at 1.1755, Target: 1.1655, Stop: 1.1790
Position : –
Target : –
Stop : –
Current selloff on dollar’s broad-based strength together with the breach of previous support at 1.1725 signals the fall from 1.1880 has resumed and may extend further weakness to 1.1700, break there would extend weakness to previous support at 1.1669, however, break there is needed to retain bearishness and extend recent fall from 1.2093 top to 1.1650, then towards 1.1615-20.
In view of this, we are looking to turn short on recovery as 1.1750-55 should limit upside.Above 1.1790 would abort and signal an intra-day low is formed instead, then further choppy trading would take place and recovery towards resistance at 1.1837 cannot be ruled out.
