Sell below 07283. Stop loss at 0.7349. Take profit at 0.7188.
Reason for the trading strategy (technically):
Price is now testing major support at 0.7283 (Fibonacci retracement, horizontal swing low support) and only a break of this level would trigger a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
It is worth noting that we can see price break out of our bearish channel triggering a bearish exit. Confirmation of the drop requires price to close below 0.7283.
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.
Reason for the trading strategy (technically):
Price is now testing major support at 0.7283 (Fibonacci retracement, horizontal swing low support) and only a break of this level would trigger a bearish move to 0.7188 support (Fibonacci retracement, horizontal pullback support).
It is worth noting that we can see price break out of our bearish channel triggering a bearish exit. Confirmation of the drop requires price to close below 0.7283.
RSI (34) sees a bearish exit of our long term ascending support-turned-resistance line and also a break below our 51% support signalling a big drop from here.
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.