Buy entry 1.1620.
Stop loss 1.1573.
Take profit at 1.1711.
Reason for the trading strategy (technically):
EURUSD is approaching support at 1.1620 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizotnal overlap support) where we expect to see a bounce up to its resistance at 1.1711 (76.4 Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.1663 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 3% where a corresponding bounce could occur.
Stop loss 1.1573.
Take profit at 1.1711.
Reason for the trading strategy (technically):
EURUSD is approaching support at 1.1620 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizotnal overlap support) where we expect to see a bounce up to its resistance at 1.1711 (76.4 Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.1663 (38.2% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 3% where a corresponding bounce could occur.