EUR/USD – 1.1954
New strategy :
Stand aside
Position : –
Target : –
Stop : –
As the single currency has rebounded after falling to 1.1926 (exactly 61.8% Fibonacci retracement of 1.1823-1.2093), suggesting consolidation above this level would be seen and recovery to 1.2000 cannot be ruled out, however, reckon upside would be limited to 1.2020-30 and bring another decline. Below said support at 1.19256 would extend the fall from 1.2093 top to 1.1900 but loss of near term downward momentum should prevent sharp fall below previous support at 1.1868 and price should stay well above another previous support at 1.1823, bring rebound later.
In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.2030 (previous resistance) would suggest the fall from 1.2093 has ended and bring a stronger rebound to 1.2050-60 but reckon upside would be limited to 1.2070, bring another decline.
