EUR/USD – 1.1216
New strategy :
Stand aside
Position : –
Target : –
Stop : –
The single currency has risen again after brief pullback to 1.1172, retaining our view that near term upside risk remains for the rebound from 1.1119 (last week’s low) to extend gain to 1.1228-30 (61.8% Fibonacci retracement of 1.1296-1.1119), however, reckon upside would e limited to 1.1260-70 and price should falter well below resistance at 1.1296, bring retreat later.
In view of this, would not chase this rise here and would be prudent to stand aside for now. Below said intra-day support at 1.1172 would bring weakness towards 1.1139 support but break there is needed to revive bearishness and signal top is formed, bring retest of 1.1119.
