Buy above 1.1956. Stop loss at 1.1901. Take profit at 1.2083.
Reason for the trading strategy (technically):
Price has dropped and reached our buying area. We remain bullish looking to buy above major support at 1.1956 (Fibonacci retracement, horizontal overlap support, ascending support) for a push up to at least 1.2083 resistance (Fibonacci extension, horizontal swing high resistance, fill price gap).
Stochastic (34,3,1) is seeing major support above 6% and has started to bounce up nicely from that level, also displaying good upside potential for our rise.
Reason for the trading strategy (technically):
Price has dropped and reached our buying area. We remain bullish looking to buy above major support at 1.1956 (Fibonacci retracement, horizontal overlap support, ascending support) for a push up to at least 1.2083 resistance (Fibonacci extension, horizontal swing high resistance, fill price gap).
Stochastic (34,3,1) is seeing major support above 6% and has started to bounce up nicely from that level, also displaying good upside potential for our rise.