Buy above 1.2086. Stop loss 1.2024. Take profit at 1.2237.
Reason for the trading strategy (technically):
EURUSD is approaching its support area at 1.2086 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where we expect prices to bounce off and rise to its resistance at 1.2237 (38.2% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1/2202 (61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (89, 5, 3) is testing its support at 2.31% where a corresponding bounce is expected.
Reason for the trading strategy (technically):
EURUSD is approaching its support area at 1.2086 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap support) where we expect prices to bounce off and rise to its resistance at 1.2237 (38.2% Fibonacci retracement, horizontal overlap resistance). We do have to be cautious of the intermediate resistance at 1/2202 (61.8% Fibonacci extension, horizontal overlap resistance).
Stochastic (89, 5, 3) is testing its support at 2.31% where a corresponding bounce is expected.