EUR/USD – 1.0860
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency met renewed selling interest at 1.0933 and has slipped again in NY morning, retaining our view that further consolidation below yesterday’s high of 1.0951 would be seen and test of support at 1.0821 cannot be ruled out, however, still reckon downside would be limited to 1.0800 and previous resistance at 1.0778 should hold from here, bring another rise later.
On the upside, above 1.0895-00 would bring test of said intra-day resistance at 1.0933 but break there is needed to signal the pullback from 1.0951 has ended, bring retest of this level later. Once this level is penetrated, this would extend recent upmove from 1.0340 low to 1.0975-80 and possibly towards 1.1000 which is likely to hold on first testing due to loss of momentum.
