EUR/USD – 1.1765
Original strategy :
Sell at 1.1800, Target: 1.1700, Stop: 1.1835
Position : –
Target :Â –
Stop : –
New strategy :
Buy at 1.1745, Target: 1.1820, Stop: 1.1725
Position : –
Target :Â –
Stop : –
Although the single currency fell briefly to 1.1730, lack of follow through selling and current rebound suggest an intra-day low is possibly formed and consolidation with mild upside bias is seen for gain to 1.1790-00, however, reckon upside would be limited to 1.1820-25 and as top has been made at 1.1880, price should falter below 1.1850-55 and bring another decline later this week.
In view of this, we are looking to turn long on dips and one should exit on such rebound. Below said support at 1.1730 would signal the fall from 1.1880 top is still in progress and may extend weakness to support at 1.1719, however, break there is needed to retain bearishness and signal the rebound from 1.1669 has ended, then further decline to 1.1700 would follow.
