EUR/USD – 1.0554
Original strategy :
Buy at 1.0525, Target: 1.0625, Stop: 1.0490
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0525, Target: 1.0625, Stop: 1.0490
Position : –
Target : –
Stop : –
Although the single currency has remained under pressure after retreating from 1.0640 and near term downside risk remains for weakness to 1.0540-45, reckon downside would be limited to 1.0525-30 and bring another rebound later, above 1.0600-05 would bring test of said resistance at 1.0640 but break there is needed to extend the erratic rise from 1.0493 low for retracement of early decline to 1.0660-65 (50% Fibonacci retracement of 1.0829-1.0493) and possibly towards resistance at 1.0680, however, price should falter well below 1.0700-05 (61.8% Fibonacci retracement).
In view of this, we are looking to buy euro on dips. Below 1.0510 would abort and risk retest of 1.0493 but only break there would shift risk back to the downside and signal recent decline from 1.0829 has resumed for further selloff to 1.0470 and then towards previous support at 1.0454.
