Price has bounced up perfectly and has reached our profit target once again. We prepare to sell below 0.7549 resistance (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance, descending resistance) for a drop to at least 0.7490 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is seeing major resistance below the 97% level where we expect a drop from.
Strong positive correlation of +0.97 with NZD/USD which is also expecting a bearish move increases our conviction on this trade.
Sell below 0.7549. Stop loss at 0.7588. Take profit at 0.7490.
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