EUR/USD has once again taken support around 1.1050 and has recovered from that level.
Intraday trend is bullish as long support 1.1050 holds. On the upside minor resistance is around 1.1150 and any break above would extend gains till 1.1210/1.1280 in short term.
It is good to buy at decline around 1.11350 with stop around 1.1050 for the TP of 1.1215/1.1285.
Comments
PacMan85
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As the single currency has rebounded after dropping to 1.1050 on Friday after NFP, suggesting consolidation above this level would be seen and corrective bounce to 1.1200 cannot be ruled out, however, reckon the lower Kumo (now at 1.1230) would limit upside and bring another decline later. Below 1.1085-90 would bring another test of Friday's low at 1.1050, below there would add credence to our view that top has been formed at 1.1380 last week and downside bias remains for weakness to 1.1030-35 (61.8% Fibonacci retracement of 1.0819-1.1380) but break of previous resistance at 1.1006 is needed to signal the rebound from 1.0819 has ended, then fall to 1.0950-60 would follow.
In view of this, we are exiting our short position entered at 1.1175 and look to sell euro again on recovery as the lower Kumo (now at 1.1230) should limit upside. Above the upper Kumo (now at 1.1247) would risk rebound to resistance at 1.1280 but price should falter below 1.1315-20, bring another decline later.
Exit short entered at 1.1175 and
Sell at 1.1225, Target: 1.1125, Stop: 1.1260
FxWirePro
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Thank you
CoreyInvesFB
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I suggest stop a little higher 1.1285 that is where major resistance is
In view of this, we are exiting our short position entered at 1.1175 and look to sell euro again on recovery as the lower Kumo (now at 1.1230) should limit upside. Above the upper Kumo (now at 1.1247) would risk rebound to resistance at 1.1280 but price should falter below 1.1315-20, bring another decline later.
Exit short entered at 1.1175 and
Sell at 1.1225, Target: 1.1125, Stop: 1.1260