EURUSD Approaching Support, Prepare For A Bounce
Buy above 1.2199. Stop loss 1.1999. Take profit 1.2293.
Reason for trading strategy:
EURUSD is approaching its support at 1.2070 (100% Fibonacci extension x2, 50% Fibonacci retracement, horizontal pullback support, descending channel support) where we expect price to bounce and rise to its resistance at 1.2293 (61.8% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.2199 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 4.04% where a corresponding bounce is expected.
Reason for trading strategy:
EURUSD is approaching its support at 1.2070 (100% Fibonacci extension x2, 50% Fibonacci retracement, horizontal pullback support, descending channel support) where we expect price to bounce and rise to its resistance at 1.2293 (61.8% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1.2199 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback resistance).
Stochastic (55, 5, 3) is approaching its support at 4.04% where a corresponding bounce is expected.
Trade active:
It bounced off its support and its descending channel support where we still expect it to rise further!