EUR/USD – 1.0643
Original strategy :
Bought at 1.0640, Target: 1.0740, Stop: 1.0610
Position : – Long at 1.0640
Target :Â – 1.0740
Stop : – 1.0610
New strategy :
Hold long entered at 1.0640, Target: 1.0740, Stop: 1.0610
Position : – Long at 1.0640
Target :Â – 1.0740
Stop : – 1.0610
Although the single currency has slipped again today and marginal weakness from here cannot be ruled out, reckon downside would be limited and as long as previous resistance at 1.0615 (now support) holds, mild upside bias remains for another rise, above 1.0680 would suggest the retreat from 1.06714 has ended, bring retest of this level, break there would extend the erratic rise from 1.0493 low to 1.0740-45 (1.5 times projection of 1.0495-1.0640 measuring from 1.0525) but loss of upward momentum should prevent sharp move beyond 1.0760 (1.618 times projection of 1.0495-1.0640 measuring from 1.0525).
In view of this, we are holding on to our long position entered at 1.0640. Below previous resistance at 1.0615 would abort and signal top has been formed, risk further fall to 1.0575-80 first.Â
