EUR/USD – 1.0721
Original strategy :
Buy at 1.0690, Target: 1.0790, Stop: 1.0655
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0685, Target: 1.0785, Stop: 1.0650
Position : –
Target : –
Stop : –
The single currency has maintained a firm undertone after yesterday’s rally, adding credence to our view that the erratic rise from 1.0570 low is still in progress and upside risk remains for further gain to 1.0738-40 (50% Fibonacci retracement of 1.0906-1.0570) and possibly towards 1.0775-80 (61.8% Fibonacci retracement) but reckon 1.0800-10 would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to buy euro on pullback as 1.0680-85 should limit downside. Only below support at 1.0635 would abort and signal top is formed instead, risk weakness towards 1.0602 support.
