Sell below 1.3548. Stop loss at 1.3630. Take profit at 1.3316.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target. We now look to sell below major resistance at 1.3548 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a push down to at least 1.3316 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is seeing major resistance at 98% and we expect a corresponding drop from here.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target. We now look to sell below major resistance at 1.3548 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a push down to at least 1.3316 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is seeing major resistance at 98% and we expect a corresponding drop from here.