Reasons for entry:
1. News:
There is expected to be an increase in money supply to help offset coronavirus in the US, this creates a weaker Dollar.
2. Technical:
Fib retracement using most recent significant Swing High's and Low's (Fractals) shows price stalling around the .382 fib level.
Also previous strong support level lines up between 0.382 and 0.5 level adding extra support to the retracement.
Finally, Stochastic reached oversold level indicating to buy.
1. News:
There is expected to be an increase in money supply to help offset coronavirus in the US, this creates a weaker Dollar.
2. Technical:
Fib retracement using most recent significant Swing High's and Low's (Fractals) shows price stalling around the .382 fib level.
Also previous strong support level lines up between 0.382 and 0.5 level adding extra support to the retracement.
Finally, Stochastic reached oversold level indicating to buy.
Comment:
Optimisim from vaccine might potentially cause the trend to pull back, if the PA closes below the 4H support level will exit the trade and potentially short.
Comment:
Trade closed: stop reached