Sell below 0.9592. Stop loss at 0.9623. Take profit at 0.9540.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We now prepare to sell below 0.9592 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 0.9540 support (Fibonacci extension, Elliott wave theory).
Stochastic (34,5,3) is seeing major resistance below 97% where we expect a drop from.
Traders Dynamic Index has crossed below our signal line (red) while it’s near our upper band signalling that a bearish move is expected.
Reason for the trading strategy (technically):
Price has shot up and reached our profit target perfectly. We now prepare to sell below 0.9592 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down to 0.9540 support (Fibonacci extension, Elliott wave theory).
Stochastic (34,5,3) is seeing major resistance below 97% where we expect a drop from.
Traders Dynamic Index has crossed below our signal line (red) while it’s near our upper band signalling that a bearish move is expected.