Trade Idea Update: EUR/USD – Buy at 1.0800

EUR/USD – 1.0863

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 : –

As the single currency has retreated after surging to 1.0906 yesterday, suggesting consolidation below this level would be seen and pullback to 1.0835 (38.2% Fibonacci retracement of 1.0719-1.0906) is likely, however, reckon downside would be limited to 1.0810-15 (50% Fibonacci retracement), bring another rise later, above said resistance at 1.0906 would extend recent upmove to 1.0930-35 (61.8% Fibonacci retracement of 1.1300-1.0340) but loss of near term upward momentum should prevent sharp move beyond 1.0955-60 and price should falter below 1.0990-00.

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.