Sell below 121.09. Stop loss at 121.86. Take profit at 119.65.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We now turn bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, recent swing low support).
Stochastic (34,5,3) is seeing resistance at the 92% level.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We now turn bearish below 121.09 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 119.65 support (Fibonacci extension, horizontal support, recent swing low support).
Stochastic (34,5,3) is seeing resistance at the 92% level.
