Sell below 111.02. Stop loss at 111.97. Take profit at 109.49.
Reason for the trading strategy (technically):
Price made a pullback to our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) as expected and dropped strongly once again in line with the bearish view we have. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.
Reason for the trading strategy (technically):
Price made a pullback to our major support-turned-resistance line at 111.02 (Fibonacci retracement, horizontal overlap support) as expected and dropped strongly once again in line with the bearish view we have. We look to play the drop to at least 109.49 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) has made a recent bearish exit which is in line with the bearish exit we’re seeing in price.