EURUSD Double Bottom Reversal? Possible Long Set Up

FX:EURUSD   Euro / U.S. Dollar
Yesterdays trading posted a hammer candle as EURUSD failed to reach the 7th of March low and we are now back above key support at 1.12000. The hammer candle is a bullish reversal signal and is a good sign the bulls may be regaining control. The 1.12000 support level also coincides with the 61.8% Fibonacci retracement level of the entire bear market that ran from mid December to the end of February. There is some strong divergence showing on Stochastic over the last few days which has not confirmed recent highs and lows. We also have a bullish crossover and momentum looks set to shift to the upside.

Long set up, risk to reward 3.7:1
Entry 1.23040
Stop 1.11730
Target 1.14430
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