Buy above 84.57. Stop loss at 83.63. Take profit at 86.58.
Reason for the trading strategy (technically):
Price is now testing major support at 84.57 (Multiple Fibonacci retracement, horizontal swing low support, Fibonacci extension, Elliott wave structure) and a strong bounce could occur at this level to push price up to at least 86.58 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 6.1% where a corresponding bounce could occur.
Reason for the trading strategy (technically):
Price is now testing major support at 84.57 (Multiple Fibonacci retracement, horizontal swing low support, Fibonacci extension, Elliott wave structure) and a strong bounce could occur at this level to push price up to at least 86.58 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (34,5,3) is seeing strong support above 6.1% where a corresponding bounce could occur.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.