EUR/USD – 1.0690
Original strategy :
Sold at 1.0665, stopped at 1.0675
Position : – Short at 1.0665
Target : –
Stop : – 1.0675
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency has surged again after brief pullback and current break of resistance at 1.0670-78 resistance signals the erratic rise from 1.0570 low is still in progress and upside risk remains for further gain to 1.0698-02 (50% Fibonacci retracement of 1.0827-1.0570 and previous resistance), however, near term overbought condition should prevent sharp move beyond 1.0725-30 and reckon 1.0750 would hold from here, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Kijun-Sen (now at 1.0663) would suggest an intra-day top is possibly formed, brig test of support at 1.0635 but break there is needed to add credence to this view, bring subsequent test of 1.0602 support first.
