Sell below 0.7343. Stop loss at 0.7390. Take profit at 0.7279.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area last week. Now we’re seeing price test strong resistance at 0.7343 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction from here to push price down to at least 0.7279 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement) once again.
Stochastic (34,5,3) is seeing major resistance at 95% and we expect to see a strong reaction off this level too.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area last week. Now we’re seeing price test strong resistance at 0.7343 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction from here to push price down to at least 0.7279 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement) once again.
Stochastic (34,5,3) is seeing major resistance at 95% and we expect to see a strong reaction off this level too.
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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.