Buy above 1.1805. Stop loss at 1.1749. Take profit at 1.1928.
Reason for the trading strategy (technically):
Price has touched our buying entry and bounced up nicely. We remain bullish above 1.1805 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a push up to at least 1.1928 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is bouncing nicely off our 3.2% support and has good upside potential. We can also see bullish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price has touched our buying entry and bounced up nicely. We remain bullish above 1.1805 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support, bullish divergence) for a push up to at least 1.1928 resistance (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance).
Stochastic (34,3,1) is bouncing nicely off our 3.2% support and has good upside potential. We can also see bullish divergence vs price signalling that a reversal is impending.