Sell below 0.7202. Stop loss at 0.7153. Take profit at 0.7331.
Reason for the trading strategy (technically):
Price has bounced up nicely as expected from our buying area. We remain bullish looking to buy above major support at 0.7202 (Fibonacci extension, horizontal swing low support) for a further push up to at least 0.7331 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 3.3% where we’re seeing a corresponding bounce from along with good upside potential.
Reason for the trading strategy (technically):
Price has bounced up nicely as expected from our buying area. We remain bullish looking to buy above major support at 0.7202 (Fibonacci extension, horizontal swing low support) for a further push up to at least 0.7331 resistance (Fibonacci retracement, horizontal swing high resistance).
Stochastic (34,5,3) is seeing major support above 3.3% where we’re seeing a corresponding bounce from along with good upside potential.
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