EUR/USD – 1.1191
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Although the single currency retreated after meeting resistance at 1.1250 yesterday, as euro found support at 1.1185 and has rebounded, suggesting consolidation with mild upside bias would be seen today, however, a break of said resistance is needed to retain bullishness and signal pullback from 1.1268 has ended, bring retest of this level, once this resistance is penetrated, this would signal recent upmove has resumed and extend gain to 1.1280-85 (61.8% projection of 1.0839-1.1172 measuring from 1.1076) and possibly towards 1.1300-10.
On the downside, below 1.1180 would bring another corrective fall to 1.1161-68 support but break there is needed to signal top has been formed at 1.1268, bring retracement of recent upmove to 1.1130 but reckon downside would be limited to 1.1100-05 (38.2% Fibonacci retracement of 1.0839-1.1268) and price should stay well above support at 1.1076, bring rebound later.
