Buy above 1.0500. Stop loss at 1.0430. Take profit at 1.0680.
Reason for the trading strategy:
Price dropped nicely and reached our profit target as expected. We now turn bullish above major support at 1.0500 (Fibonacci retracement, Fibonacci extension, horizontal support) for a push up to 1.6800 (Fibonacci retracement, horizontal swing high resistance).
RSI (34) is displaying bullish divergence versus price which signals a bullish bounce is fast approaching.
Reason for the trading strategy:
Price dropped nicely and reached our profit target as expected. We now turn bullish above major support at 1.0500 (Fibonacci retracement, Fibonacci extension, horizontal support) for a push up to 1.6800 (Fibonacci retracement, horizontal swing high resistance).
RSI (34) is displaying bullish divergence versus price which signals a bullish bounce is fast approaching.
