EURUSD is dropping towards its support level, where we would expect to see it rebound upwards.
- Buy above 1.1518
- Stop loss at 1.1416
- Take profit at 1.1661
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Reason for the trading strategy:
EURUSD is approaching its support at 1.1518 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where it could potentially bounce to its resistance at 1.1661 (50% Fibonacci retracement, horizontal overlap resistance).
Stochastic (55, 5, 3) is approaching its support at 2.8%, where a corresponding bounce could occur.
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