Sell below 0.8055. Stop loss at 0.7181. Take profit at 0.6822.
Reason for the trading strategy (technically):
Price has broken a recent key support level that it has been testing since 13th December, triggering a strong bearish drop from here. We remain bearish looking to sell on strength below major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance, resistance area) towards 0.6822 support (Fibonacci retracement, horizontal swing low support.
Stochastic (55,3,1) is seeing resistance at our 97% level and dropping nicely with good downside potential.
Reason for the trading strategy (technically):
Price has broken a recent key support level that it has been testing since 13th December, triggering a strong bearish drop from here. We remain bearish looking to sell on strength below major resistance at 0.7055 (Fibonacci retracement, horizontal overlap resistance, resistance area) towards 0.6822 support (Fibonacci retracement, horizontal swing low support.
Stochastic (55,3,1) is seeing resistance at our 97% level and dropping nicely with good downside potential.
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.
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.