Buy above 1.0572. Stop loss at 1.0543. Take profit at 1.0630.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area yesterday and we close off our profitable bearish position because of the changing elements. We look to buy above 1.0572 support (Fibonacci retracement, horizontal overlap support) for a push up to 1.0630 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 6% level.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area yesterday and we close off our profitable bearish position because of the changing elements. We look to buy above 1.0572 support (Fibonacci retracement, horizontal overlap support) for a push up to 1.0630 resistance (Fibonacci extension, horizontal swing high resistance).
Stochastic (21,5,3) is seeing strong support above the 6% level.
