EURUSD profit target almost reached, prepare to turn bullish
Buy above 1.0570. Stop loss at 1.0520. Take profit at 1.0704.
Reason for the trading strategy (technically):
Price has dropped nicely below our selling area last week and is fast approaching our profit target. We now look to play the bounce above 1.0570 support (Fibonacci extension, horizontal swing low support) for a push up to 1.0704 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (34,5,3) is seeing strong support above the 7.4% level where we expect a bounce from.
Reason for the trading strategy (technically):
Price has dropped nicely below our selling area last week and is fast approaching our profit target. We now look to play the bounce above 1.0570 support (Fibonacci extension, horizontal swing low support) for a push up to 1.0704 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (34,5,3) is seeing strong support above the 7.4% level where we expect a bounce from.
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