Sell below 114.25. Stop loss at 114.97. Take profit at 112.90.
Reason for the trading strategy (technically):
Price has dropped from our selling area really nicely. We remain bearish below 114.25 resistance for a further push down to 112.90 support (Fibonacci retracement, horizontal overlap support) as we also tighten our stop loss to 114.97 to protect our profits.
We can see RSI (34) dropping nicely from our 67% resistance and has good downside potential.
Reason for the trading strategy (technically):
Price has dropped from our selling area really nicely. We remain bearish below 114.25 resistance for a further push down to 112.90 support (Fibonacci retracement, horizontal overlap support) as we also tighten our stop loss to 114.97 to protect our profits.
We can see RSI (34) dropping nicely from our 67% resistance and has good downside potential.
