Trade Idea Update: EUR/USD – Buy at 1.1805

EUR/USD – 1.1847

Original strategy  :

Buy at 1.1820, Target: 1.1920, Stop: 1.1785

Position : –

Target :  –

Stop : –

New strategy  :

Buy at 1.1805, Target: 1.1905, Stop: 1.1770

Position : –

Target :  –

Stop : –

As the single currency has retreated after rising to 1.1880 earlier today, suggesting minor consolidation below this level would be seen and pullback to 1.1815-20 (38.2% Fibonacci retracement of 1.1719-1.1880) is likely, however, reckon 1.1800-01 (50% Fibonacci retracement and previous support) would contain downside and bring another rise later, above said resistance at 1.1880 would signal the rise from 1.1669 low is still in progress for gain to 1.1895-00 (61.8% Fibonacci retracement of 1.2035-1.1669) but overbought condition should prevent sharp move beyond 1.1930-35 (61.8% Fibonacci retracement of 1.2093-1.1669) and 1.1970 should remain intact.

In view of this, would not chase this rise here and we are still looking to buy euro on subsequent pullback as 1.1800-05 should limit downside and bring another rebound. Below minor support at 1.1795 would defer and risk correction to 1.1770 but downside should be limited to 1.1745-50 and price should stay above indicated support at 1.1719, bring another rise later.