EURUSD Bounced Nicely Off Support, Prepare For Further Rise
Buy above 1.1938. Stop loss at 1.1828. Take profit at 1.2157.
Reason for the trading strategy (technically):
EURUSD bounced nicely off its support at 1.1938 (61.8% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 1.2157 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 1.2064 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) bounced off its support at 1.005% where a corresponding rise is expected.
Reason for the trading strategy (technically):
EURUSD bounced nicely off its support at 1.1938 (61.8% Fibonacci retracement, 76.4% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 1.2157 (50% Fibonacci retracement, 38.2% Fibonacci retracement, horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 1.2064 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) bounced off its support at 1.005% where a corresponding rise is expected.
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