Sell below 113.22. Stop loss at 113.96. Take profit at 111.79.
Reason for the trading strategy (technically):
Price continues to drop nicely as expected. We remain bearish looking to buy on strength below major resistance 113.22 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to at least 111.79 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 97% where we expect a strong reaction from.
Reason for the trading strategy (technically):
Price continues to drop nicely as expected. We remain bearish looking to buy on strength below major resistance 113.22 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a push down to at least 111.79 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 97% where we expect a strong reaction from.