EURUSD profit target reached, price expected to bounce up
Buy above 1.1829. Stop loss at 1.1768. Take profit at 1.1926.
Reason for the trading strategy (technically):
Price dropped and bounced up perfectly from our buying area to reach our profit target. We expect it to drop once again to our major support at 1.1829 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we make a strong bounce from this level to push price up to at least 1.1926 resistance (Fibonacci retracement, horizontal pullback resistance) once again.
Stochastic (34,3,1) is seeing strong support above 4.1% where we expect a bounce from similar to the one we’re expecting on price.
Reason for the trading strategy (technically):
Price dropped and bounced up perfectly from our buying area to reach our profit target. We expect it to drop once again to our major support at 1.1829 (Fibonacci retracement, Fibonacci extension, horizontal overlap support) and we make a strong bounce from this level to push price up to at least 1.1926 resistance (Fibonacci retracement, horizontal pullback resistance) once again.
Stochastic (34,3,1) is seeing strong support above 4.1% where we expect a bounce from similar to the one we’re expecting on price.
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