Sell below 1.1666. Stop loss at 1.1738. Take profit at 1.1572.
Reason for the trading strategy (technically):
Price continues to confirm our suspicion as it rises towards major breakout resistance. We remain bearish as we continue to expect a strong push up to selling area of 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area) for sell orders to be accumulated before a further push back down to 1.1572 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching major resistance at 96% where we expect a strong reaction from.
Reason for the trading strategy (technically):
Price continues to confirm our suspicion as it rises towards major breakout resistance. We remain bearish as we continue to expect a strong push up to selling area of 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area) for sell orders to be accumulated before a further push back down to 1.1572 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is approaching major resistance at 96% where we expect a strong reaction from.