EUR/USD – 1.3523
Original strategy :
Sell at 1.3640, Target: 1.3530, Stop: 1.3675
Position: -
Target: -
Stop:-
Target: -
Stop:-
New strategy :
Stand aside
Position: -
Target: -
Stop:-
Target: -
Stop:-
As the single currency has retreated after staging a strong rebound from yesterday’s low of 1.3459, consolidation with mild downside bias is seen but break of 1.3500 is needed to signal this rebound has ended and bring a retest of this support later. Having said that, a break of this support is needed to signal early fall from 1.3711 top has resumed and extend weakness to 1.3439 (38.2% Fibonacci retracement of 1.2998-1.3711) later.
On the upside, above 1.3575-80 would bring another bounce to 1.3600 and possibly 1.3620-30 but still expect price would falter below 1.3660 and bring another decline later. As near term outlook is mixed, would be prudent to stand aside in the meantime.