EUR/USD – 1.1850
Original strategy :
Sell at 1.1880, Target: 1.1780, Stop: 1.1915
Position : –
Target :Â –
Stop : –
New strategy :
Sell at 1.1880, Target: 1.1780, Stop: 1.1915
Position : –
Target :Â –
Stop : –
Although the single currency extended recent upmove to 1.1910 yesterday, the subsequent retreat suggests consolidation below this level would be seen and mild downside bias is for weakness to 1.1810-15, however, break of 1.1780-85 (50% Fibonacci retracement of 1.1650-1.1910 and previous support) is needed to signal top is formed, bring retracement of recent rise to 1.1745-50 (61.8% Fibonacci retracement) but support at 1.1723 would remain intact.
In view of this, we are looking to sell euro on recovery as 1.1880-85 should limit upside. Above said resistance at 1.1910 would signal recent upmove is still in progress and may extend headway to 1.1940-50 and possibly towards 1.1970-75 before correction takes place.Â
