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Sell below 87.89. Stop loss at 88.47. Take profit at 86.69.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance ( Fibonacci retracement , horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support ( Fibonacci retracement , Fibonacci extension , horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.
Reason for the trading strategy (technically):
Price has continued to drop strongly as expected after breaking our major ascending support line. We remain bearish looking to sell below 87.89 resistance ( Fibonacci retracement , horizontal overlap resistance, Elliott wave structure) for a further drop to at least 86.69 support ( Fibonacci retracement , Fibonacci extension , horizontal support).
RSI (34) remains in a descending channel and is approaching pullback resistance.
singfoo
don't agree with this statement. macd tells to hold unti 88.3.
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singfoo
nice
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