Sell below 1.2069. Stop loss at 1.2111. Take profit at 1.1956.
Reason for the trading strategy (technically):
Price is forming a really nice reversal pattern. We prepare to sell below 1.2069 resistance (Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down all the way to 1.1956 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 94% and is also seeing bearish divergence, signalling that a reversal is impending.
Reason for the trading strategy (technically):
Price is forming a really nice reversal pattern. We prepare to sell below 1.2069 resistance (Fibonacci extension, horizontal swing high resistance, bearish divergence) for a push down all the way to 1.1956 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,3,1) is seeing major resistance below 94% and is also seeing bearish divergence, signalling that a reversal is impending.