As you can see the price levels are faced with a powerful support area which includes few factors.
support surface of price high and low moves before and the low limit of the parallel channel and also converted trendline support is just on this area on price action side.
SMA 200 ( Red line on chart ) as a powerful trend indicator proofs that there is a big probability of increasing in this area and also stochastic oscillator is on oversell ranges and it needs to just come up soon.
Based on these statements I will just take a long position on 1.55210 and put my first take profit on 1.5565. My SL point will be set on 1.5505, be aware of that the Reward/Risk Ratio is 2.5.
support surface of price high and low moves before and the low limit of the parallel channel and also converted trendline support is just on this area on price action side.
SMA 200 ( Red line on chart ) as a powerful trend indicator proofs that there is a big probability of increasing in this area and also stochastic oscillator is on oversell ranges and it needs to just come up soon.
Based on these statements I will just take a long position on 1.55210 and put my first take profit on 1.5565. My SL point will be set on 1.5505, be aware of that the Reward/Risk Ratio is 2.5.
Trade closed: target reached