Buy above 1.1381. Stop loss at 1.1353. Take profit at 1.1444.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target from yesterday. We prepare to buy above major support at 1.1381 (Fibonacci retracement, horizontal swing low support, bullish price action) for a push up to at least 1.1444 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing intermediate support at 19% where we expect a bounce from.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they move in opposite directions. It’s good to see a bounce on EURUSD and a corresponding drop in USDCHF.
Reason for the trading strategy (technically):
Price has dropped perfectly to our profit target from yesterday. We prepare to buy above major support at 1.1381 (Fibonacci retracement, horizontal swing low support, bullish price action) for a push up to at least 1.1444 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing intermediate support at 19% where we expect a bounce from.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they move in opposite directions. It’s good to see a bounce on EURUSD and a corresponding drop in USDCHF.