theforexarmy

EURCHF Approaching Support, Prepare For A Bounce!

Largo
FOREXCOM:EURCHF   Euro/Franco suizo
Buy above 1.1451.
Stop loss at 1.1412.
Take profit at 1.1548.
Reason for the trading strategy (technically):
EURCHF is approaching its support at 1.1451 (100% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing low support) where it could potentially bounce up to its resistance at 1.1548 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching its support at 5.4% where a corresponding bounce could occur.
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