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EUR/USD – 1.3110
Original strategy :
Sell at 1.3180, Target: 1.3050, Stop: 1.3215
Position: -
Target: -
Stop:-
New strategy :
Sell at 1.3180, Target: 1.3050, Stop: 1.3215
Position: -
Target: -
Stop:-
Although euro has retreated after intra-day rise to 1.3169, below 1.3075-80 is needed to suggest the rebound from 1.3027 has ended and bring another fall to indicated support at 1.3026, a sustained breach of this support would confirm top has been formed at 1.3233 last week, bring retracement of recent rise from 1.2624 low to 1.3000 (38.2% Fibonacci retracement of 1.2624-1.3233) and possibly to 1.2970 but reckon 1.2929-31 (50% Fibonacci retracement and previous support) would hold.
If said support continues to holds, then risk of another rebound remains, however, reckon upside would be limited to 1.3175-80 and resistance at 1.3206 should hold, bring another decline later. In view of this, we are looking to sell euro on further recovery. Only above said resistance at 1.3206 would abort and signal the correction from 1.3233 has ended and bring retest of this level but break there is needed to confirm upmove has resumed.
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