Sell below 1.1994. Stop loss at 1.2035. Take profit at 1.1838.
Reason for the trading strategy (technically):
Price is back to testing our resistance area. We remain bearish looking to sell below major resistance at 1.1994 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance) and we expect a further drop from this level to push price down to at least 1.1838 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement).
Stochastic (55,3,1) is seeing major resistance below 95% where stochastic has good downside potential from.
Reason for the trading strategy (technically):
Price is back to testing our resistance area. We remain bearish looking to sell below major resistance at 1.1994 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance) and we expect a further drop from this level to push price down to at least 1.1838 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement).
Stochastic (55,3,1) is seeing major resistance below 95% where stochastic has good downside potential from.