EUR/USD – 1.1793
Original strategy :
Bought at 1.1790, Target: 1.1890, Stop: 1.1770
Position : – Long at 1.1790
Target :Â – 1.1890
Stop : – 1.1770
New strategy :
Hold long entered at 1.1790, Target: 1.1890, Stop: 1.1770
Position : – Long at 1.1790
Target :Â – 1.1890
Stop : – 1.1770
As the single currency found renewed buying interest at 1.1748 on Friday and rallied, adding credence to our view that low has been formed at 1.1689 last week and mild upside bias remains for further gain to 1.1850, then 1.1880, however, a firm break above latter level is needed to confirm correction from 1.1910 top has ended, bring retest of this level, break there would signal early upmove has resumed and extend headway towards 1.1940-50 first.
In view of this, we are holding on to our long position entered at 1.1790. Only below support at 1.1748 would defer and risk weakness to 1.1720, however, downside should be limited to 1.1700 and support at 1.1689 should remain intact, bring another rally later.
