The trading idea is based on a bullish divergence which gives a trend reversal signal. MACD supports the upward movement. RSI confirms price reversal from the support level. DMI allows opening long trades. Entry level is 1.31050 with stop orders at 1.29800 level. Profit targets are 1.33000 and 1.34500 resistance levels.
Thanks for your analysis. Can I just ask why we choose a stop loss of 1.298 compared with something like 1.3?
chinchinmayua1
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@itseasya, usually swing low work as support / stop loss and swing high as a resistance / profit target . Here 1.298 is the last swing low and 1.33 is the last swing high . Hope it helps