Sell below 109.66. Stop loss at 108.23. Take profit at 110.40.
Reason for the trading strategy (technically):
Price has dropped strongly towards our profit target. We remain bearish below 109.66 resistance (Fibonacci retracement, horizontal overlap resistance, for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential. Intermediate pullback resistance is seen at 40%.
Reason for the trading strategy (technically):
Price has dropped strongly towards our profit target. We remain bearish below 109.66 resistance (Fibonacci retracement, horizontal overlap resistance, for a further push down to at least 108.23 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance below our 96% level and has good downside potential. Intermediate pullback resistance is seen at 40%.
Special thanks for @costarica for highlighting this