Sell below 1.1862. Stop loss at 1.1974. Take profit at 1.1728.
Reason for the trading strategy (technically):
Price is approaching major support at 1.1862 (Multiple Fibonacci retracement, horizontal pullback support) and we look to sell on the break of this major support for price to drop to at least 1.1728 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is dropping nicely from our 94% resistance level pushing price to the next support level.
Reason for the trading strategy (technically):
Price is approaching major support at 1.1862 (Multiple Fibonacci retracement, horizontal pullback support) and we look to sell on the break of this major support for price to drop to at least 1.1728 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is dropping nicely from our 94% resistance level pushing price to the next support level.