EUR/USD – 1.1173
Original strategy :
Sell at 1.1190, Target: 1.1090, Stop: 1.1225
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.1210, Target: 1.1110, Stop: 1.1245
Position : –
Target : –
Stop : –
This week’s selloff from 1.1296 signals top has been formed there and consolidation with downside bias is seen for this move to bring a strong retracement of recent upmove, hence further fall to previous support at 1.1109 would be seen, however, break there is needed to retain bearishness and extend further weakness to 1.1076 and possibly towards 1.1050 but price should stay above previous resistance at 1.1025.
In view of this, we are looking to sell euro on recovery as 1.1210-15 (50% Fibonacci retracement of 1.1296-1.1132) should limit upside and bring another decline. Above 1.1230-35 (61.8% Fibonacci retracement) would defer and risk a stronger rebound to 1.1250 but price should falter well below said resistance at 1.1296, bring another decline later.
