The price is consolidating at the current level - We take short position at 86.50 level and book profit at 85.20 - The setup will invalidate if the price breaks 87.50. For your Info, we see this pair at 90 level in a weekly higher time frame charts.
Buy above 85.88. Stop loss at 85.34. Take profit at 86.72. Reason for the trading strategy (technically): Price is now above major support at 85.88 (Fibonacci retracement, horizontal pullback support) and we expect to see a bounce from here to at least 86.72 resistance (Fibonacci retracement, horizontal pullback resistance). RSI (34) is seeing strong support...
Sell below 87.48. Stop loss at 87.80. Take profit at 86.39. Reason for the trading strategy (technically): Price bounced up perfectly and reached our profit target as expected. We now prepare to turn bearish below 87.48 resistance (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to 86.39 support (Fibonacci extension,...
Buy above 86.34. Stop loss at 85.92. Take profit at 87.48. Reason for the trading strategy (technically): We prepare to turn bullish above major support at 86.34 (Fibonacci retracement, Fibonacci extension) for a push up to 87.48 resistance (Fibonacci retracement, horizontal overlap resistance). Stochastic (21,5,3) is seeing strong support above our 6% level...
Sell below 87.05. Stop loss at 87.56. Take profit at 86.076. Reason for the trading strategy (technically): We are bearish below 87.05 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to 86.07 support (Fibonacci retracement). Stochastic (21,5,3) is seeing a nice reaction from the 95% level.
Sell below 86.72. Stop loss at 85.98. Take profit at 87.10. Reason for the trading strategy (technically): Price has reached our profit target perfectly from yesterday. We prepare to turn bearish below 86.72 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to 85.89 support (Fibonacci retracement, horizontal overlap...
Buy above 85.34. Stop loss at 84.97. Take profit at 86.08. Reason for the trading strategy (technically): We remain bullish above 85.34 support (Fibonacci projection, horizontal support) for a push up to at least 86.08 (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is bouncing nicely above strong support at 5.5%.
Buy above 85.34. Stop loss at 84.97. Take profit at 86.08. Reason for the trading strategy (technically): Price is bouncing nicely above our buying level from yesterday. We remain bullish above 85.34 support (Fibonacci projection, horizontal support) for a push up to at least 86.08 (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is...
Buy above 85.34. Stop loss at 84.97. Take profit at 86.08. Reason for the trading strategy (technically): Price reached our profit target for the 4th time in a row. We turn bullish above 85.34 support (Fibonacci projection, horizontal support) for a push up to at least 86.08 (Fibonacci retracement, horizontal pullback resistance). Stochastic (21,5,3) is...
Sell below 86.31. Stop loss at 86.75. Take profit at 85.32. Reason for the trading strategy (technically): Price bounced up perfectly as expected and reached our profit target. We now prepare to turn bearish below 86.31 resistance (Fibonacci projection, Fibonacci retracement, horizontal pullback resistance) for a drop to 85.32 (Fibonacci projection, horizontal...