Sell below 1.1760. Stop loss at 1.1798. Take profit at 1.1649.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.1760 (Fibonacci extension, horizontal swing high resistance) and we expect to see a drop from this level to at least 1.1649 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support). It is important to keep an eye out for the ascending support line that has held price up really well. Only a break of that level would open a stronger drop towards our profit target.
Stochastic (34,5,3) is seeing strong resistance below our 98% level.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.1760 (Fibonacci extension, horizontal swing high resistance) and we expect to see a drop from this level to at least 1.1649 support (Fibonacci retracement, Fibonacci extension, horizontal swing low support). It is important to keep an eye out for the ascending support line that has held price up really well. Only a break of that level would open a stronger drop towards our profit target.
Stochastic (34,5,3) is seeing strong resistance below our 98% level.