EUR/USD – 1.0700
Original strategy :
Bought at 1.0690, Target: 1.0790, Stop: 1.0655
Position : – Long at 1.0690
Target : – 1.0790
Stop : – 1.0655
New strategy :
Hold long entered at 1.0690, Target: 1.0790, Stop: 1.0655
Position : – Long at 1.0690
Target : – 1.0790
Stop : – 1.0665
Euro’s retreat after rising to 1.0778 yesterday suggests a temporary top has been made there and consolidation with mild downside bias is seen for marginal weakness from here, however, reckon downside would be limited and bring another rise later to 1.0783-85 (61.8% projection of 1.0602-1.0737 measuring from 1.0700), then 1.0800-10 but loss of near term upward momentum should prevent sharp move beyond 1.0825-30, risk from there is seen for a retreat to take place later.
In view of this, we are holding on to our long position entered at 1.0690. Only below previous resistance at 1.0670 (now support) would abort and signal top is formed instead, bring correction towards previous support at 1.0635 which is likely to hold from here.
