EURUSD Approaching Support, Prepare For A Bounce
Buy above 1.1619.
Stop loss at 1.1590.
Take profit at 1.1690.
Reason for the trading strategy (technically):
EURUSD is approaching its support at 1.1619 (61.8% & 100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1690 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 2.8% where a corresponding bounce could occur.
Stop loss at 1.1590.
Take profit at 1.1690.
Reason for the trading strategy (technically):
EURUSD is approaching its support at 1.1619 (61.8% & 100% Fibonacci extension, 38.2% Fibonacci retracement, horizontal swing low support) where it could potentially bounce to its resistance at 1.1690 (61.8% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is bounced off its support at 2.8% where a corresponding bounce could occur.
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