Reversal on EURUSD, LONG this week

FX:EURUSD   Euro / U.S. Dollar
Why should we be bullish: Downtrend channel was already broken last friday, supported by strong indications (Strong MACD and Stochastics) coupled with price action (higher highs and higher lows). If we take a step back at the daily chart , you can even notice that 1.10720 was a retracement from the fibo!

When to enter: Let's wait to show a buy signal from the stochastics or once it retraces to the lower uptrend channel . But the TREND must HOLD as a pre-condition

When to exit: Once it reaches highest resistance at 1.1014. This is consistent with fibo extension which I laid down on the latest swing.

Risk reward ratio: 2.14

Comment: Bounced exactly at the Fibo
Comment: partially locking in profits
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