Buy above 131.57. Stop loss at 131.09. Take profit at 132.63.
Reason for the trading strategy (technically):
Price is whipsawing around recently. We look to buy above strong support at 131.57 (Fibonacci retracement, bullish price action) for a bounce to at least 132.63 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (89,3,1) is...
After a Double Bottom formed through March/April, price has successfully broken through the 50/200EMAs.
Since breaking through the 138.00 SR level, price has been consolidating for a few weeks now.
In this sideways movement price has intercepted the prevailing trend line and simultaneously tested it alongside the 138.00 Support.
Next significant resistance is...