EURUSD approaching strong support, prepare to buy
Buy above 1.1712. Stop loss at 1.1633. Take profit at 1.1811.
Reason for the trading strategy (technically):
Price has been dropping strongly from last week. We look to buy above major support at 1.1712 (Fibonacci retracement, horizontal swing low support, Fibonacci extension area) for a push up to at least 1.1811 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,3,1) is seeing strong support above 1.8% and has good upside potential.
Reason for the trading strategy (technically):
Price has been dropping strongly from last week. We look to buy above major support at 1.1712 (Fibonacci retracement, horizontal swing low support, Fibonacci extension area) for a push up to at least 1.1811 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,3,1) is seeing strong support above 1.8% and has good upside potential.