Trade Idea Update: EUR/USD – Hold long entered at 1.1205

EUR/USD – 1.1214

Original strategy  :

Bought at 1.1205, Target: 1.1305, Stop: 1.1170

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1170

New strategy  :

Hold long entered at 1.1205, Target: 1.1305, Stop: 1.1170

Position : – Long at 1.1205

Target :  – 1.1305

Stop : – 1.1170

As the single currency has retreated after marginal rise to 1.1257 earlier today, suggesting consolidation below this level would be seen, however, reckon the upper Kumo (now at 1.1184) would limit downside and bring another rise later, above said resistance at 1.1257 would extend gain to previous resistance at 1.1268, break there would confirm early upmove has resumed and test of another previous chart resistance at 1.1300 would follow, above there would encourage for headway to 1.1340-45, however, overbought condition should limit upside to chart point at 1.1366.

In view of this, we are holding on to our long position entered at 1.1205. Only below support at 1.1164 (yesterday’s low) would abort and suggest a temporary top is formed instead, risk weakness to 1.1140 but said support at 1.1109 should remain intact, bring rebound later.