EUR/USD – 1.0893
Original strategy :
Sell at 1.0970, Target: 1.0870, Stop: 1.1005
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0970, Target: 1.0870, Stop: 1.1005
Position : –
Target : –
Stop : –
Euro’s selloff after yesterday’s initial brief rise to 1.1025 suggests top has been formed there and consolidation with mild downside bias is seen for further fall to 1.0875 support, however, a sustained break below there is needed to add credence to this view, bring retracement of recent rise to 1.0851 support and possibly towards 1.0825-30 but reckon 1.0800 would hold from here due to near term overbought condition.
In view of this, we are looking to sell euro on recovery as 1.0970-80 should limit upside. Above resistance at 1.0997 would bring retest of said yesterday’s high at 1.1025, however, break there is needed to signal recent upmove from 1.0340 low has resumed for headway to 1.1050 but reckon upside would be limited to 1.1065-70 (61.8% projection of 1.0602-1.0951 measuring from 1.0851).
