Sell below 1.1693. Stop loss at 1.1722. Take profit at 1.1583.
Reason for the trading strategy (technically):
Price has formed a really strong bearish reversal sign below 1.1693 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action, bearish divergence) and we expect to see a further drop below this level towards at least 1.1583 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is dropping nicely from our 98% resistance and has good downside potential.
Reason for the trading strategy (technically):
Price has formed a really strong bearish reversal sign below 1.1693 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action, bearish divergence) and we expect to see a further drop below this level towards at least 1.1583 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is dropping nicely from our 98% resistance and has good downside potential.