Sell below 112.50. Stop loss at 113.51. Take profit at 110.90.
Reason for the trading strategy (technically):
Price is back to our selling area once again. We remain bearish below major resistance at 112.50 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) where we expect a strong reaction from to push price further down to at least 110.90 support (Fibonacci retracement, horizontal pullback support).
RSI (55) sees a long term descending resistance line holding our bearish momentum
Reason for the trading strategy (technically):
Price is back to our selling area once again. We remain bearish below major resistance at 112.50 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) where we expect a strong reaction from to push price further down to at least 110.90 support (Fibonacci retracement, horizontal pullback support).
RSI (55) sees a long term descending resistance line holding our bearish momentum