The plan is to buy when price enters the blue Support Zone on the chart.
The reasons for buying are.
20.215
1. Zone has supported price on the past 6 attempts
2. Zone has held since February 2015
3. Fib 61.8 level is holding too
4. Price is bouncing and being supported by the green 50 ema and red 100 ema. also the 200 ema is sloping up.
Stops
10 - 20 pips Below Blue zone.
Targets
Even to the weekly pivot would offer a risk reward of more than 1:2. Higher target are projected on chart which is just below 124.
Short Scenario
If price breaks below the triangle i would wait for a retest of 118.29 and go short target 114.62 and stop above the triangle. this will again offer over a 1:2 Risk
The reasons for buying are.
20.215
1. Zone has supported price on the past 6 attempts
2. Zone has held since February 2015
3. Fib 61.8 level is holding too
4. Price is bouncing and being supported by the green 50 ema and red 100 ema. also the 200 ema is sloping up.
Stops
10 - 20 pips Below Blue zone.
Targets
Even to the weekly pivot would offer a risk reward of more than 1:2. Higher target are projected on chart which is just below 124.
Short Scenario
If price breaks below the triangle i would wait for a retest of 118.29 and go short target 114.62 and stop above the triangle. this will again offer over a 1:2 Risk