Sell below 1.1666. Stop loss at 1.1738. Take profit at 1.1572.
Reason for the trading strategy (technically):
Price continues to confirm our suspicion as it rises towards major breakout resistance. We remain bearish as we continue to expect a strong push up to selling area of 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area) for sell orders to be accumulated before a further push back down to 1.1572 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching major resistance at 96% where we expect a strong reaction from.
Reason for the trading strategy (technically):
Price continues to confirm our suspicion as it rises towards major breakout resistance. We remain bearish as we continue to expect a strong push up to selling area of 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area) for sell orders to be accumulated before a further push back down to 1.1572 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching major resistance at 96% where we expect a strong reaction from.
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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.