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Sell below 88.28. Stop loss at 88.70. Take profit at 87.24.
Reason for the trading strategy (technically):
Price continues to test major resistance at 88.28 ( ABC Fibonacci extension , 50% Fibonacci retracement , Elliott wave corrective structure) and we remain bearish below this level for a drop towards 87.24 support ( Fibonacci extension , horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.
Reason for the trading strategy (technically):
Price continues to test major resistance at 88.28 ( ABC Fibonacci extension , 50% Fibonacci retracement , Elliott wave corrective structure) and we remain bearish below this level for a drop towards 87.24 support ( Fibonacci extension , horizontal swing low support).
RSI (34) sees major descending resistance line acting as resistance to push price down from here.
sakhidad
I think the market is going to move upwards and will take out the stop loss. Good luck anyway and thanks for the idea.
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