Sell below 112.65. Stop loss at 113.51. Take profit at 110.90.
Reason for the trading strategy (technically):
Price had broken our key support and is hovering below it. We remain bearish looking to sell on strength below 112.65 resistance (Fibonacci retracement, pullback resistance) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. We also see that is has dropped below 50% meaning it’s the start of a strong change in momentum.
Reason for the trading strategy (technically):
Price had broken our key support and is hovering below it. We remain bearish looking to sell on strength below 112.65 resistance (Fibonacci retracement, pullback resistance) for a drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. We also see that is has dropped below 50% meaning it’s the start of a strong change in momentum.
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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.