Sell below 0.9898. Stop loss at 0.9925. Take profit at 0.9843.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.9898 (descending resistance, horizontal overlap resistance, Fibonacci retracement, bearish divergence) and we expect to see a strong drop from here towards 0.9843 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 97% and also sees bearish divergence vs price, signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is now testing major resistance at 0.9898 (descending resistance, horizontal overlap resistance, Fibonacci retracement, bearish divergence) and we expect to see a strong drop from here towards 0.9843 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 97% and also sees bearish divergence vs price, signalling that a reversal is impending.