Buy above 1.1811. Stop loss at 1.1764. Take profit at 1.1892.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We remain bullish looking to buy on dips above 1.1811 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 1.1892 resistance (Fibonacci retracement, price gap).
Stochastic (34,3,1) is seeing major resistance at 98% so we expect to see a reaction off this level to push price down first before resuming a rise.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We remain bullish looking to buy on dips above 1.1811 support (Fibonacci retracement, horizontal overlap support) for a push up to at least 1.1892 resistance (Fibonacci retracement, price gap).
Stochastic (34,3,1) is seeing major resistance at 98% so we expect to see a reaction off this level to push price down first before resuming a rise.