EUR/USD – 1.1690
Original strategy :
Buy at 1.1580, Target: 1.1680, Stop: 1.1545
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.1590, Target: 1.1700, Stop: 1.1555
Position : –
Target : –
Stop : –
As the single currency has maintained a firm undertone after last week’s rally, suggesting recent upmove is still in progress and bullishness remains for further gain to previous chart resistance at 1.1714 but break there is needed to retain bullishness for the rise from 1.0340 low to head towards 1.1750 which is likely to hold from here due to loss of upward momentum.
In view of this, we are looking to buy euro on subsequent pullback as previous resistance at 1.1583 should limit downside. Below 1.1550 would defer and suggest a temporary top is formed instead, bring correction to 1.1510-15 but support at 1.1479 should remain intact.
