Buy above 1.0063. Stop loss at 1.0037. Take profit at 1.0137.
Reason for the trading strategy (technically):
Price has dropped nicely towards our profit target from previously. We now take our profits and look to buy instead above 1.0063 support (Fibonacci retracement, horizontal swing low support) for a push up to 1.0137 resistance (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance).
Stochastic (21,5,3) is approaching our major 6% support where we expect to see the bounce from.
Reason for the trading strategy (technically):
Price has dropped nicely towards our profit target from previously. We now take our profits and look to buy instead above 1.0063 support (Fibonacci retracement, horizontal swing low support) for a push up to 1.0137 resistance (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance).
Stochastic (21,5,3) is approaching our major 6% support where we expect to see the bounce from.
