EUR/USD - 1.3783
strategy
Buy at 1.3700.
Target: 1.3820,
Stop: 1.3665
Euro's retreat after last week's rise to 1.3833 has retained our view that minor consolidation below this level would be seen and pullback to 1.3741 (previous support) cannot be ruled out, however, reckon previous resistance at 1.3704 (now support) should limit downside and bring another rise later. A break of said resistance would signal recent upmove is still in progress and extend further gain to 1.3850-60 but reckon 1.3880-85 (100% projection of 1.3472-1.3704 measuring from 1.3651) would hold on first testing, price should falter well below 1.3900-10, risk from there is seen for a correction of recent upmove to take place later.
In view of this, we are still looking to buy euro on pullback as previous resistance at 1.3704 (now support) and bring another rally. Only below 1.3680-85 would defer and risk correction to 1.3662, then test of 1.3651-53 (previous support and 50% Fibonacci retracement of 1.3472-1.3833).
strategy
Buy at 1.3700.
Target: 1.3820,
Stop: 1.3665
Euro's retreat after last week's rise to 1.3833 has retained our view that minor consolidation below this level would be seen and pullback to 1.3741 (previous support) cannot be ruled out, however, reckon previous resistance at 1.3704 (now support) should limit downside and bring another rise later. A break of said resistance would signal recent upmove is still in progress and extend further gain to 1.3850-60 but reckon 1.3880-85 (100% projection of 1.3472-1.3704 measuring from 1.3651) would hold on first testing, price should falter well below 1.3900-10, risk from there is seen for a correction of recent upmove to take place later.
In view of this, we are still looking to buy euro on pullback as previous resistance at 1.3704 (now support) and bring another rally. Only below 1.3680-85 would defer and risk correction to 1.3662, then test of 1.3651-53 (previous support and 50% Fibonacci retracement of 1.3472-1.3833).
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