Sell below 1.1666. Stop loss at 1.1738. Take profit at 1.1572.
Reason for the trading strategy (technically):
Price has started to reverse nicely from our selling area. We remain bearish below major resistance at 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area, bearish divergence) for a further push back down to 1.1572 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is dropping nicely with good downside potential. Bearish divergence vs price signals that a reversal is impending.
Reason for the trading strategy (technically):
Price has started to reverse nicely from our selling area. We remain bearish below major resistance at 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area, bearish divergence) for a further push back down to 1.1572 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,3,1) is dropping nicely with good downside potential. Bearish divergence vs price signals that a reversal is impending.