EUR/USD – 1.1938
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency has fallen again after brief recovery, suggesting the decline from last week’s high of 1.2093 is still in progress for retracement of recent rise, hence weakness to 1.1900 cannot be rule out, however, loss of near term downward momentum should prevent sharp fall below previous support at 1.1868 and price should stay well above another previous support at 1.1823, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above the Kijun-Sen (now at 1.1966) would bring recovery to 1.1978-80, however, reckon upside would be limited to 1.2000 and resistance at 1.2030 should remain intact, bring another decline.
