EUR/USD – 1.1888
Original strategy :
Bought at 1.1855, Target:1.1955, Stop: 1.1820
Position : – Long at 1.1855
Target :Â – 1.1955
Stop : – 1.1820
New strategy :
Hold long entered at 1.1855, Target:1.1955, Stop: 1.1835
Position : – Long at 1.1855
Target :Â – 1.1955
Stop : – 1.1835
As the single currency slipped again in NY morning and dropped to as low as 1.1838, as euro found support there and has rebounded, retaining our near term bullishness and as long as said support holds, mild upside bias remains for another bounce to previous support at 1.1926, however, break above there is needed to signal an intraday low is formed, brig further gain to 1.1950-55 and then 1.1975-80 but price should falter below yesterday’s high at 1.1995.
In view of this, we are holding on to our long position entered at 1.1855. Below said support at 1.1838 would signal recent decline from 1.2093 top is still in progress and may extend weakness to 1.1823 support, however, still reckon downside would be limited to 1.1800 and bring rebound later.
