Buy above 1.1829. Stop loss at 1.1768. Take profit at 1.1926.
Reason for the trading strategy (technically):
Price continues to drop further and is fast approaching major support at 1.1829 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect a strong bounce from this level to push price up to at least 1.1926 resistance (Fibonacci retracement, horizontal pullback resistance) once again.
Stochastic (34,3,1) is seeing strong support above 4.1% where we expect a bounce from similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price continues to drop further and is fast approaching major support at 1.1829 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we expect a strong bounce from this level to push price up to at least 1.1926 resistance (Fibonacci retracement, horizontal pullback resistance) once again.
Stochastic (34,3,1) is seeing strong support above 4.1% where we expect a bounce from similar to the one we’re expecting on price.