Mon, Jun 05, 2023 @ 06:48 GMT
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Trade Idea Update: EUR/USD – Stand aside

EUR/USD – 1.0754

New strategy  :

Stand aside

Position : –

Target :  –

Stop : –

As the single currency has fallen again after brief recovery, suggesting the fall from 1.0906 is still in progress and downside risk remains for this fall to extend weakness towards support at 1.0719, however, near term oversold condition should prevent sharp all below 1.0695-00 and reckon 1.0670 would hold from here, risk from there is seen for a rebound to take place later.

In view of this, would not chase this fall here and would be prudent to stand aside in the meantime. Above 1.0780 would bring recovery to 1.0800 but only break of resistance at 1.0827 would signal low is formed, bring a stronger rebound to 1.0850 later.

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