EURUSD remain bullish tolerating excess for a bounce from here
Buy above 1.0591. Stop loss at 1.0573. Take profit at 1.0713.
Reason for the trading strategy (technically):
Price is right on major support at 1.0591 (Fibonacci retracement, horizontal support, Fibonacci projection. We hope to see a bounce up from here to at least 1.0713 resistance (Fibonacci retracement, recent swing high resistance).
RSI (34) is seeing strong support at 38% but is also seeing intermediate descending resistance which limits the upside potential.
Stochastic (55,5,3) is seeing strong support above the 3.7% signalling a bounce is impending.
Reason for the trading strategy (technically):
Price is right on major support at 1.0591 (Fibonacci retracement, horizontal support, Fibonacci projection. We hope to see a bounce up from here to at least 1.0713 resistance (Fibonacci retracement, recent swing high resistance).
RSI (34) is seeing strong support at 38% but is also seeing intermediate descending resistance which limits the upside potential.
Stochastic (55,5,3) is seeing strong support above the 3.7% signalling a bounce is impending.
