Buy above 1.1932. Stop loss 1.1821. Take profit 1.2172.
Reason for trading strategy:
EURUSD bounced nicely off its support at 1.1932 (76.4% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 1.2172 (100% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 1.2073 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 4.4% where a corresponding rise is expected.
Reason for trading strategy:
EURUSD bounced nicely off its support at 1.1932 (76.4% Fibonacci retracement, 61.8% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 1.2172 (100% Fibonacci extension, 50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 1.2073 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) bounced off its support at 4.4% where a corresponding rise is expected.