Sell below 1.1824. Stop loss at 1.1928. Take profit at 1.1615.
Reason for the trading strategy (technically):
Price has started to drop really nicely towards our profit target. We remain bearish below major resistance at 1.1824 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) and we expect to see a drop below this level to at least 1.1615 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
RSI (34) sees intermediate resistance at 56% which is holding price down really well. As long as RSI remains below 56%, we will maintain our bearish bias.
Reason for the trading strategy (technically):
Price has started to drop really nicely towards our profit target. We remain bearish below major resistance at 1.1824 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) and we expect to see a drop below this level to at least 1.1615 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
RSI (34) sees intermediate resistance at 56% which is holding price down really well. As long as RSI remains below 56%, we will maintain our bearish bias.