Buy above 0.7892. Stop loss at 0.7865. Take profit at 0.7943.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and has reached our profit target perfectly. We remain bullish after price has broken out of our bearish channel as we look to buy above major support at 0.7892 (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7942 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (34) sees a bullish exit from a long term descending resistance-turned-support line signalling that we’re seeing a change in momentum from bearish to bullish.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area and has reached our profit target perfectly. We remain bullish after price has broken out of our bearish channel as we look to buy above major support at 0.7892 (Fibonacci retracement, horizontal overlap support) for a push up to at least 0.7942 resistance (Fibonacci retracement, horizontal swing high resistance, Fibonacci extension).
RSI (34) sees a bullish exit from a long term descending resistance-turned-support line signalling that we’re seeing a change in momentum from bearish to bullish.