EURUSD on strong support, time to buy to play the bounce
Buy above 1.1698. Stop loss at 1.1653. Take profit at 1.1793.
Reason for the trading strategy (technically):
Price is testing strong support at 1.1698 (Fibonacci extension, horizontal swing low support) and we expect to see a bounce above this level to push price up to at least 1.1793 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 0.3% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price is testing strong support at 1.1698 (Fibonacci extension, horizontal swing low support) and we expect to see a bounce above this level to push price up to at least 1.1793 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 0.3% where we expect a corresponding bounce from.