Buy above 1.2415. Stop loss at 1.2250. Take profit at 1.2850.
Reason for the trading strategy:
Price is at our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction. This is aided by the completion of a corrective structure we have just seen.
Stochastic (55,5,3) is seeing strong support above the 8% level and has made a bullish exit and is approaching pullback support.
Reason for the trading strategy:
Price is at our buying area once again as we remain bullish above 1.2415 (Fibonacci retracement, Fibonacci projection, horizontal overlap support) to play a bounce up to 1.2850 which is our long term resistance. From there, we can expect a bearish reaction. This is aided by the completion of a corrective structure we have just seen.
Stochastic (55,5,3) is seeing strong support above the 8% level and has made a bullish exit and is approaching pullback support.