EURUSD bounce expected, time to start buying for a correction
Buy above 1.1776. Stop loss at 1.1727. Take profit at 1.1865.
Reason for the trading strategy (technically):
Price is now testing major support at 1.1776 (Fibonacci extension, horizontal swing low support, Fibonacci retracement) and we expect to see a bounce above this level to push price up to at least 1.1865 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing major support above 1.8% where we’re starting to see a bounce from.
Reason for the trading strategy (technically):
Price is now testing major support at 1.1776 (Fibonacci extension, horizontal swing low support, Fibonacci retracement) and we expect to see a bounce above this level to push price up to at least 1.1865 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,3,1) is seeing major support above 1.8% where we’re starting to see a bounce from.
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