EUR/USD – 1.1803
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite Friday’s rebound to 1.1875, as the single currency has retreated after faltering below resistance at 1.1880, suggesting further consolidation below this last week’s high would be seen and pullback to 1.1775 (50% Fibonacci retracement of 1.1669-1.1880) cannot be rued out, however, reckon 1.1745-50 (61.8% Fibonacci retracement) would limit downside and bring rebound later.
On the upside, expect recovery to be limited to 1.1820-25 and 1.1850 should hold, bring another retreat later. Above 1.1850 would suggest the pullback from 1.1880 has ended and revive bullishness for retest of 1.1880, break there would confirm recent upmove from 1.1669 low has resumed for headway to 1.1895-00 (61.8% Fibonacci retracement of 1.2035-1.1669) first. As near term outlook is mixed, would be prudent to stand aside in the meantime.
