MEX_Exchange
Long

EURUSD Bounced Nicely Off Support, Prepare For A Further Rise

FX:EURUSD   Euro / U.S. Dollar
Buy above 1.1932. Stop loss 1.1821. Take profit 1.2172.

Reason for trading strategy:

EURUSD bounced nicely off its support at 1.1932 (76.4% Fibonacci retracement , 61.8% Fibonacci retracement , horizontal overlap support) where we expect prices to rise to its resistance at 1.2172 (100% Fibonacci extension , 50% Fibonacci retracement , 38.2% Fibonacci retracement , horizontal pullback resistance). We do have to be cautious of the intermediate resistance at 1.2073 (61.8% Fibonacci extension , 23.6% Fibonacci retracement , horizontal overlap resistance).

Stochastic (89, 5, 3) bounced off its support at 4.4% where a corresponding rise is expected.
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