Sell below 1.1203. Stop loss at 1.1243. Take profit at 1.1107.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area as expected. We remain bearish with price breaking a major support-turned-resistance line at 1.1203 (Fibonacci retracement, horizontal overlap resistance) and expect a stronger drop to at least 1.1107 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below the 95% level and has good downside potential for our move down.
Reason for the trading strategy (technically):
Price has dropped perfectly from our selling area as expected. We remain bearish with price breaking a major support-turned-resistance line at 1.1203 (Fibonacci retracement, horizontal overlap resistance) and expect a stronger drop to at least 1.1107 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below the 95% level and has good downside potential for our move down.