Sell below 131.96. Stop loss at 132.40. Take profit at 130.71.
Reason for the trading strategy (technically):
Price is reversing very nicely below major resistance at 131.96 (Fibonacci extension, Elliott wave theory) and we expect a strong reaction from this level to push price down to at least 130.71 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support).
Stochastic (34,3,1) is seeing a drop from our 96% resistance with good downside potential.
Reason for the trading strategy (technically):
Price is reversing very nicely below major resistance at 131.96 (Fibonacci extension, Elliott wave theory) and we expect a strong reaction from this level to push price down to at least 130.71 support (Fibonacci retracement, Fibonacci extension, horizontal overlap support).
Stochastic (34,3,1) is seeing a drop from our 96% resistance with good downside potential.