Buy above 0.9876. Stop loss at 0.9843. Take profit at 0.9924.
Reason for the trading strategy (technically):
Price has shot up from our buying area perfectly and is now approaching our profit target nicely. We remain bullish looking to buy on dips above 0.9876 support (Fibonacci retracement, horizontal overlap support) for a further push up to at least 0.9924 resistance (Fibonacci retracement, horizontal swing high resistance). We look to protect our profits by shifting our stop loss to 0.9843.
Stochastic (55,3,1) is in an ascending channel with upside potential resistance at 98%.
Reason for the trading strategy (technically):
Price has shot up from our buying area perfectly and is now approaching our profit target nicely. We remain bullish looking to buy on dips above 0.9876 support (Fibonacci retracement, horizontal overlap support) for a further push up to at least 0.9924 resistance (Fibonacci retracement, horizontal swing high resistance). We look to protect our profits by shifting our stop loss to 0.9843.
Stochastic (55,3,1) is in an ascending channel with upside potential resistance at 98%.