EURUSD testing major support, prepare to buy
Buy above 1.1691. Stop loss at 1.1645. Take profit at 1.1795.
Reason for the trading strategy (technically):
Price is seeing major support at 1.1691 (Fibonacci extension, horizontal swing low support) and we expect to see a bounce above this level towards 1.1795 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (55,5,3) is seeing nice support above 13% and also sees an intermediate ascending support line push price up.
Reason for the trading strategy (technically):
Price is seeing major support at 1.1691 (Fibonacci extension, horizontal swing low support) and we expect to see a bounce above this level towards 1.1795 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (55,5,3) is seeing nice support above 13% and also sees an intermediate ascending support line push price up.
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