Buy above 1.1747. Stop loss at 1.1709. Take profit at 1.1878.
Reason for the trading strategy (technically):
Price has continued to drop further as we look to buy above major support at 1.1747 (Fibonacci retracement, horizontal overlap support) for a push up to at least 1.1878 resistance (Multiple Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (89,5,3) is seeing major support above 1.1% where we are expecting a bounce from.
Reason for the trading strategy (technically):
Price has continued to drop further as we look to buy above major support at 1.1747 (Fibonacci retracement, horizontal overlap support) for a push up to at least 1.1878 resistance (Multiple Fibonacci retracement, horizontal overlap resistance, Fibonacci extension).
Stochastic (89,5,3) is seeing major support above 1.1% where we are expecting a bounce from.