EUR/USD – 1.0880
Original strategy :
Buy at 1.0800, Target: 1.0900, Stop: 1.0765
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.0800, Target: 1.0900, Stop: 1.0765
Position : –
Target : –
Stop : –
The single currency also opened higher today on dollar’s broad-based weakness and the the subsequent rally signals recent upmove is still in progress, hence bullishness remains for further gain to 1.0900 and possibly 1.0930-35 (61.8% Fibonacci retracement of 1.1300-1.0340), however, loss of near term upward momentum should prevent sharp move beyond 1.0955-60 and price should falter below 1.0990-00, 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 1.0800-10 should limit downside. Only below support at 1.0760 would abort and signal top is formed, bring retracement of recent upmove to 1.0730 but 1.0719 support should remain intact.
