EUR/USD – 1.0801
Original strategy :
Buy at 1.0740, Target: 1.0840, Stop: 1.0705
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0740, Target: 1.0840, Stop: 1.0705
Position : –
Target : –
Stop : –
As the single currency has continued trading with a firm undertone after last week’s rally, suggesting recent erratic upmove from 1.0493 low is still in progress and may extend further gain towards previous chart resistance at 1.0829, however, loss of near term upward momentum should prevent sharp move beyond 1.0850-60 and price should falter well below 1.0890-00, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and we are looking to buy euro on subsequent pullback as 1.0706 support should limit downside and bring another rise later. Below 1.0675-80 would defer and suggest top is possibly formed, risk weakness to 1.0640 (previous resistance now support) but still reckon indicated support at 1.0600 would remain intact.
