EUR/USD – 1.1745
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency found support at 1.1650 and has recovered, suggesting further recovery to 1.1755-60 cannot be ruled out, however, break of this week’s high at 1.1777 is needed to signal recent upmove has once again resumed and extend gain to 1.1784-85 (50% projection of 1.1370-1.1712 measuring from 1.1613). then 1.1800 but loss of near term upward momentum should prevent sharp move beyond 1.1820-25 (61.8% projection), risk from there has increased for a retreat later.
As near term outlook is mixed, would be prudent to stand aside in the meantime. Below 1.1700 would bring test of said support at 1.1650 but break there is needed to signal a temporary top is possibly formed, bring further weakness towards support at 1.1613, having said that, price should stay well above previous resistance at 1.1583 (now support), bring another rise later.
