Price is testing major resistance at 0.6921 (Fibonacci retracement, horizontal overlap resistance) and we expect a drop below this level to at least 0.6853 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing strong resistance below the 96% level where we expect a similar drop from.
Strong positive correlation of +0.97 with AUDUSD which is also expecting a bearish move increases our conviction of this trade.
Sell below 0.6921. Stop loss at 0.6956. Take profit at 0.6853.
No comments:
Post a Comment