Trade Idea Update: EUR/USD – Buy at 1.1540

EUR/USD – 1.1560

Original strategy  :

Buy at 1.1475, Target: 1.1575, Stop: 1.1440

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1540, Target: 1.1640, Stop: 1.1505

Position : –

Target :  –

Stop : –

The single currency only slipped to 1.1479 (just missed our long entry at 1.1475) before finding renewed buying interest and current rally signals the pullback from 1.1583 has ended there, hence consolidation with mild upside bias is seen for retest of said resistance, break there would confirm recent upmove has resumed and extend further gain to 1.1600-10 and then 1.1630-40 but reckon 1.1660-65 would hold from here. 

In view of this, we are looking to buy euro on dips as 1.1530-40 should limit downside. Only below said support at 1.1479 would abort and signal top has been formed instead, bring retracement of recent upmove to 1.1450-55 (61.8% Fibonacci retracement of 1.1370-1.1583) and later test of support at 1.1435.