Sell below 0.7304. Stop loss at 0.7340. Take profit at 0.7223.
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and is fast approaching our profit target. We remain bearish below 0.7304 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 0.7223 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7340 to protect our profits.
RSI (34) sees a bearish change in momentum giving further conviction that we’ll be seeing a much bigger drop in price
Reason for the trading strategy (technically):
Price has dropped absolutely perfectly from our selling area and is fast approaching our profit target. We remain bearish below 0.7304 resistance (Fibonacci retracement, horizontal overlap resistance) for a further drop towards 0.7223 support (Fibonacci extension, horizontal swing low support). We also shift our stop loss to 0.7340 to protect our profits.
RSI (34) sees a bearish change in momentum giving further conviction that we’ll be seeing a much bigger drop in price
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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.