Buy above 1.2068. Stop loss 1.2007. Take profit at 1.2253.
Reason for the trading strategy (technically):
EURUSD bounced nicely off its support at 1.2068 (76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing low resistance) where we expect prices to rise further to its resistance at 1.2253 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.2178 (61.8% Fibonacci extension, horizontal pullback resistance).
Stochastic (55, 5, 3) made corresponding bounce off its support at 2.31% where it has a lot of upside potential.
Reason for the trading strategy (technically):
EURUSD bounced nicely off its support at 1.2068 (76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing low resistance) where we expect prices to rise further to its resistance at 1.2253 (100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.2178 (61.8% Fibonacci extension, horizontal pullback resistance).
Stochastic (55, 5, 3) made corresponding bounce off its support at 2.31% where it has a lot of upside potential.