Sell below 1.0700. Stop loss at 1.0850. Take profit at 1.0510.
Reason for the trading strategy:
Price reacted nicely from our selling area last week and is dropping nicely towards our profit target. We remain bearish below 1.0700 resistance (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a further push down to 1.0510 support (Fibonacci retracement, horizontal support).
RSI (34) is seeing strong resistance below our 61% level and has also made a bearish exit, signalling a change in momentum to bearish.
Stochastic (21,5,3) is seeing strong resistance below our 90% level and has also made a bearish exit, signalling a change in momentum to bearish.
Reason for the trading strategy:
Price reacted nicely from our selling area last week and is dropping nicely towards our profit target. We remain bearish below 1.0700 resistance (Fibonacci retracement, horizontal overlap resistance, pullback resistance) for a further push down to 1.0510 support (Fibonacci retracement, horizontal support).
RSI (34) is seeing strong resistance below our 61% level and has also made a bearish exit, signalling a change in momentum to bearish.
Stochastic (21,5,3) is seeing strong resistance below our 90% level and has also made a bearish exit, signalling a change in momentum to bearish.
