Buy above 112.13. Stop loss at 111.34. Take profit at 113.76.
Reason for the trading strategy (technically):
Price has shot down and reached our profit target perfectly. We look to buy above major support at 112.13 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 113.76 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (34,5,3,) is seeing major support above 3.7% where we expect a corresponding bounce from.
Reason for the trading strategy (technically):
Price has shot down and reached our profit target perfectly. We look to buy above major support at 112.13 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) for a push up to at least 113.76 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
Stochastic (34,5,3,) is seeing major support above 3.7% where we expect a corresponding bounce from.