Sell below 1.2956. Stop loss at 1.2994. Take profit at 1.2837.
Reason for the trading strategy (technically):
Price has reacted nicely off our selling area yesterday. We remain bearish below major resistance at 1.2956 (Fibonacci retracement, horizontal pullback resistance) and we expect a strong reaction off this level for a drop to at least 1.2837 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is dropping nicely from our resistance with good downside potential.
Reason for the trading strategy (technically):
Price has reacted nicely off our selling area yesterday. We remain bearish below major resistance at 1.2956 (Fibonacci retracement, horizontal pullback resistance) and we expect a strong reaction off this level for a drop to at least 1.2837 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is dropping nicely from our resistance with good downside potential.