Buy above 1.0575. Stop loss at 1.0490. Take profit at 1.0680.
Reason for the trading strategy:
Price has shot up and is approaching our profit target. We look to buy on strength above 1.0575 support (Fibonacci retracement, horizontal pullback support, pullback support to descending support line) for a further push up to 1.0680 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has made a bearish exit signalling a stronger change in momentum and also sees long term bullish divergence.
Reason for the trading strategy:
Price has shot up and is approaching our profit target. We look to buy on strength above 1.0575 support (Fibonacci retracement, horizontal pullback support, pullback support to descending support line) for a further push up to 1.0680 resistance (Fibonacci retracement, horizontal swing high resistance).
RSI (34) has made a bearish exit signalling a stronger change in momentum and also sees long term bullish divergence.
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