Buy above 1.0500. Stop loss at 1.0430. Take profit at 1.0680.
Reason for the trading strategy:
Price dropped nicely and reached our profit target as expected. We now turn bullish above major support at 1.0500 (Fibonacci retracement, Fibonacci extension, horizontal support) for a push up to 1.6800 (Fibonacci retracement, horizontal swing high resistance).
RSI (34) is displaying bullish divergence versus price which signals a bullish bounce is fast approaching.
Reason for the trading strategy:
Price dropped nicely and reached our profit target as expected. We now turn bullish above major support at 1.0500 (Fibonacci retracement, Fibonacci extension, horizontal support) for a push up to 1.6800 (Fibonacci retracement, horizontal swing high resistance).
RSI (34) is displaying bullish divergence versus price which signals a bullish bounce is fast approaching.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.