EUR/USD – 1.0910
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency rebounded after holding above support at 1.0883, break o indicated resistance at 1.0951 (last week’s high) is needed to signal recent upmove from 1.0340 low has resumed for headway to 1.0975-80 and possibly towards 1.1000 which is likely to hold on first testing due to loss of momentum.
In view of this, would not chase this rise here, below 1.0883-88 support would prolong consolidation below said resistance at 1.0951, bring correction towards support at 1.0851 but price should stay above 1.0821 support, bring another rise later. As near term outlook is still mixed, would be prudent to stand aside in the meantime.
