Sell below 88.46. Stop loss at 89.21. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has finally broken our ascending support and overlap support at 88.46 to trigger a strong bearish move. We look to remain bearish and sell on strength below 88.46 (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 86.69 support (Fibonacci retracement, horizontal support). Our next intermediate support level to watch out for is 87.62.
RSI (34) is now in a bearish descending channel and we expect this to continue till it finds new support.
Reason for the trading strategy (technically):
Price has finally broken our ascending support and overlap support at 88.46 to trigger a strong bearish move. We look to remain bearish and sell on strength below 88.46 (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 86.69 support (Fibonacci retracement, horizontal support). Our next intermediate support level to watch out for is 87.62.
RSI (34) is now in a bearish descending channel and we expect this to continue till it finds new support.