|
EUR/USD – 1.3711
Original strategy :
Bought at 1.3660, Target: 1.3830, Stop: 1.3650
Position: - Long at 1.3660
Target: - 1.3830
Stop:- 1.3650
New strategy :
Buy at 1.3660, Target: 1.3780, Stop: 1.3650
Position: - Long at 1.3660
Target: - 1.3830
Stop:- 1.3650
Despite intra-day anticipated fall to 1.3657 (exactly the indicated 38.2% Fibonacci retracement of 1.3242-1.3914), as the single currency has rebounded from there, suggesting consolidation with mild upside bias would be seen, above the Kijun-Sen (now at 1.3731) would bring another test of intra-day high of 1.3788 but break there is needed to confirm low is formed and bring test of the Ichimoku cloud bottom (now at 1.3800), however, price should falter well below the upper Kumo (now at 1.3846), bring another decline.
In view of this, we are holding on to our long position entered at 1.3660. Below said intra-day support at 1.3657 would risk a deeper correction of recent rise to 1.3637 (50% Fibonacci retracement of 1.3360-1.3914), break there would extend weakness towards 1.3600 before prospect of another rally later.
|
