Sell below 1.1855. Stop loss at 1.1895. Take profit at 1.1747.
Reason for the trading strategy (technically):
Price has shot up perfectly from our buying area and is fast approaching our profit target. We prepare to sell below major resistance at 1.1855 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) for a push down to at least 1.1747 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 98% and we expect to see a corresponding reaction off this level.
Reason for the trading strategy (technically):
Price has shot up perfectly from our buying area and is fast approaching our profit target. We prepare to sell below major resistance at 1.1855 (Fibonacci retracement, Fibonacci extension, horizontal swing high resistance) for a push down to at least 1.1747 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance at 98% and we expect to see a corresponding reaction off this level.