Buy above 111.31. Stop loss at 110.45. Take profit at 113.06.
Reason for the trading strategy (technically):
Price has made a retracement to its entry level and looks set for another bounce for a further push up. We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).
RSI (34) has bounced off nicely from our pullback support at 52% and has good upside potential for us to play the rise from here.
Reason for the trading strategy (technically):
Price has made a retracement to its entry level and looks set for another bounce for a further push up. We remain bullish looking to buy above 111.32 support (Fibonacci retracement, horizontal pullback support) for a further push up to at least 113.06 resistance (Fibonacci extension, Fibonacci retracement, horizontal pullback resistance).
RSI (34) has bounced off nicely from our pullback support at 52% and has good upside potential for us to play the rise from here.