Sell below 112.65. Stop loss at 113.45. Take profit at 110.90.
Reason for the trading strategy (technically):
Price has started to reverse perfectly from our selling area as expected. We remain bearish looking to sell below 112.65 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a further drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. However we see intermediate support at 50% so only a break of this level would confirm a further downside move.
Reason for the trading strategy (technically):
Price has started to reverse perfectly from our selling area as expected. We remain bearish looking to sell below 112.65 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a further drop towards 110.90 support (Fibonacci retracement, horizontal overlap support).
RSI (55) sees bearish divergence signalling that a strong reversal is impending. However we see intermediate support at 50% so only a break of this level would confirm a further downside move.
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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.