At H4 time-frame: We have a Bread & Butter look alike pattern. Classic target of Bread & Butter is 61.8% of whole retracement down against the bullish thrust shown on H4 in this trade. I set my TP 1.0 pips below FIB61.8 that is 1.11374
Technical condition on H1 also support a scalp buy trade, view below. This setup will fail if any upcoming H1 candle closes below previous engulfing bullish H1 candle that formed EMAs & RSI crossovers.
Fundamental: TD (TD Bank, N.A.) expects the Fed to lower rates by 25bp again this week, delivering the third consecutive rate cut since July. The FOMC is likely to communicate patience in deciding future policy moves after next week's cut as they assess the impact of the three cuts they have already delivered.
"We look for the Fed to temporarily pause before resuming rate cuts in Q1 2020," TD notes.
I agree with this bias. Fed is either gonna cut rate by 25bp or at least going to be dovish.
This sentiment is enough for completion of this small scalp trade.