EUR/USD – 1.1741
Original strategy :
Buy at 1.1690, Target: 1.1790, Stop: 1.1655
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.1690, Target: 1.1790, Stop: 1.1655
Position : –
Target :Â –
Stop : –
Although the single currency extended recent fall to 1.1669, the subsequent rebound late Friday suggests a temporary low has possibly been formed there, hence consolidation with upside bias is seen for gain to 1.1750 and then towards resistance at 1.1788, however, break there is needed to add credence to this view, bring retracement of recent decline to 1.1800 and later towards resistance at 1.1832 which is likely to hold from here.
In view of this, we are looking to turn long on dips as 1.1690-00 should limit downside and bring another rebound. Only break of strong support at 1.1662-69 would signal recent decline is still in progress and may extend weakness towards 1.1625-30 but reckon 1.1600 would hold.
