EURUSD profit target reached, time to go bullish

FX:EURUSD   Euro / U.S. Dollar
Buy above 1.0637. Stop loss at 1.0573. Take profit at 1.0760.
Reason for the trading strategy (technically):
Price has dropped perfectly and reached our profit target. We now turn bullish above 1.0637 support ( Fibonacci retracement , horizontal support) for a push up to 1.0760 ( Fibonacci retracement , recent swing high resistance).
RSI (34) is seeing strong support at 38% but is also seeing intermediate descending resistance which limits the upside potential.
Stochastic (55,5,3) is seeing strong support above the 3.7% signalling a bounce is impending.

Reason for the trading strategy (fundamentally):
The main news event driving the USD today is the U. of Michigan Confidence. It assesses consumer confidence regarding personal finances, business conditions and purchasing power based on hundreds of telephone surveys. A low or falling University of Michigan Sentiment value is considered an early indicator of an economic downturn. We’re expecting a lower value and a weaker forecast which means a weaker USD, which goes in line with our bullish EURUSD trade.


Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out