EURUSD on strong support, time to buy to play the bounce

FX:EURUSD   Euro / U.S. Dollar
Buy above 1.1698. Stop loss at 1.1653. Take profit at 1.1793.
Reason for the trading strategy (technically):
Price is testing strong support at 1.1698 ( Fibonacci extension , horizontal swing low support) and we expect to see a bounce above this level to push price up to at least 1.1793 resistance ( Fibonacci retracement , horizontal swing high resistance).
Stochastic (34,3,1) is seeing strong support above 0.3% where we expect a corresponding bounce from.
I don't get why people are trying to buy a down trending market
aljhiemar94 granello
@granello, correct
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