Buy above 1.1956. Stop loss at 1.1901. Take profit at 1.2083.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and has reached our profit target. We prepare to buy above major support at 1.1956 (Fibonacci retracement, horizontal overlap support, ascending support) for a push up to at least 1.2083 resistance (Fibonacci extension, horizontal swing high resistance, fill price gap).
Stochastic (34,3,1) is seeing major support above 6% and we expect a corresponding bounce above this level similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and has reached our profit target. We prepare to buy above major support at 1.1956 (Fibonacci retracement, horizontal overlap support, ascending support) for a push up to at least 1.2083 resistance (Fibonacci extension, horizontal swing high resistance, fill price gap).
Stochastic (34,3,1) is seeing major support above 6% and we expect a corresponding bounce above this level similar to the one we’re expecting on price.