EUR/USD – 1.0970
Original strategy :
Sell at 1.0995, Target: 1.0880, Stop: 1.1030
Position : –
Target : –
Stop : –
New strategy :
Sell at 1.0995, Target: 1.0880, Stop: 1.1030
Position : –
Target : –
Stop : –
Euro has staged a strong rebound after falling to 1.0839, suggesting consolidation above this level would be seen and near term upside risk remains for further gain to 1.0990-95, however, if our view that top has been formed at 1.1025 is correct, upside would be limited and resistance at 1.0997 should hold, bring another decline later. Below 1.0895-00 would bring weakness to 1.0855-60 but break there is needed to retain bearishness an extend the fall from 1.1025 top to 1.0821, then 1.0795-00 later.
In view of this, we are still looking to sell euro on further subsequent rebound as 1.0997 resistance should limit upside. Only break of said resistance at 1.1025 would abort and signal early upmove has resumed instead, bring further gain to 1.1050-55 and later 1.1075-80 before prospect of another retreat.
