Sell below 1.1832. Stop loss at 1.1888. Take profit at 1.1752.
Reason for the trading strategy (technically):
Price whipsawed around our selling area last week and held really well below our previous selling area below 1.1888. The goal today is to remain bearish below major resistance at 1.1832 (Fibonacci retracement, horizontal pullback resistance) for a drop to at least 1.1752 support (Fibonacci retracement, horizontal overlap support).
Stochastic (89,3,1) is dropping nicely from our 93% resistance with good downside potential.
Reason for the trading strategy (technically):
Price whipsawed around our selling area last week and held really well below our previous selling area below 1.1888. The goal today is to remain bearish below major resistance at 1.1832 (Fibonacci retracement, horizontal pullback resistance) for a drop to at least 1.1752 support (Fibonacci retracement, horizontal overlap support).
Stochastic (89,3,1) is dropping nicely from our 93% resistance with good downside potential.