Sell below 89.11. Stop loss at 89.38. Take profit at 88.36.
Reason for the trading strategy (technically):
Price is approaching major resistance at 89.11 (Multiple Fibonacci retracement, horizontal pullback resistance, Fibonacci extension, bearish divergence) and we expect to see a short term correction from this level to push price down to at least 88.36 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 98% and we expect to see a strong reaction off this level. We’re also seeing bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is approaching major resistance at 89.11 (Multiple Fibonacci retracement, horizontal pullback resistance, Fibonacci extension, bearish divergence) and we expect to see a short term correction from this level to push price down to at least 88.36 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 98% and we expect to see a strong reaction off this level. We’re also seeing bearish divergence vs price signalling that a reversal is impending.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.