EUR/USD – 1.1772
Original strategy :
Bought at 1.1715, Target: 1.1815, Stop: 1.1705
Position : – Long at 1.1715
Target :Â – 1.1815
Stop : – 1.1705
New strategy :
Hold long entered at 1.1715, Target: 1.1815, Stop: 1.1720
Position : – Long at 1.1715
Target :Â – 1.1815
Stop : – 1.1720
As the single currency found good support at 1.1662 last week and staged a rebound from there, suggesting a temporary low is possibly formed there and consolidation with mild upside bias remains for another test of indicated resistance at 1.1790, however, break there is needed to add credence to this view, bring further gain to 1.1820 but resistance at 1.1847 should hold from here.
In view of this, we are holding on to our long position entered at 1.1715. Below 1.1680-85 would risk retest of 1.1662, break there would extend the erratic decline from 1.1910 top to 1.1640-50 (50% Fibonacci retracement of 1.1370-1.1910 and previous support) but reckon 1.1600 would hold from here.
