Sell below 0.7283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price is now in a new descending channel and testing strong resistance. We remain bearish looking to sell below 0.7283 resistance (Fibonacci retracement, horizontal overlap resistance, channel resistance) for a further push down to at least 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (55) is now below our 51% resistance level signalling that there’s a change in momentum to bearish.
Reason for the trading strategy (technically):
Price is now in a new descending channel and testing strong resistance. We remain bearish looking to sell below 0.7283 resistance (Fibonacci retracement, horizontal overlap resistance, channel resistance) for a further push down to at least 0.7188 support (Fibonacci retracement, horizontal pullback support).
RSI (55) is now below our 51% resistance level signalling that there’s a change in momentum to bearish.
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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.
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.