Buy above 1.1747. Stop loss at 1.1709. Take profit at 1.1878.
Reason for the trading strategy (technically):
Price has touched our entry and bounced off perfectly as expected. We remain bullish above major support at 1.1747 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 1.1878 resistance (Multiple Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (89,5,3) is starting to bounce off nicely from our 1.1% and also sees bullish divergence vs price signalling that a bullish reversal is impending.
Reason for the trading strategy (technically):
Price has touched our entry and bounced off perfectly as expected. We remain bullish above major support at 1.1747 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 1.1878 resistance (Multiple Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (89,5,3) is starting to bounce off nicely from our 1.1% and also sees bullish divergence vs price signalling that a bullish reversal is impending.