Buy above 0.7180. Stop loss at 0.7140. Take profit at 0.7247.
Reason for the trading strategy (technically):
Price has continued to drop further and we’re starting to see price test major support. We prepare to buy above major support at 0.7180 (Fibonacci extension, horizontal swing low support) for a bounce to at least 0.7247 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is bouncing up nicely from our 1.8% support and has good upside potential.
Reason for the trading strategy (technically):
Price has continued to drop further and we’re starting to see price test major support. We prepare to buy above major support at 0.7180 (Fibonacci extension, horizontal swing low support) for a bounce to at least 0.7247 resistance (Fibonacci retracement, horizontal pullback resistance).
Stochastic (34,3,1) is bouncing up nicely from our 1.8% support and has good upside potential.
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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.