Sell below 120.23. Stop loss at 120.70. Take profit at 119.44.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly from yesterday. We prepare to sell below major resistance at 120.23 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to at least 119.44 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below the 95% level where we expect a reaction from.
Reason for the trading strategy (technically):
Price shot up and reached our profit target perfectly from yesterday. We prepare to sell below major resistance at 120.23 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) for a drop to at least 119.44 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below the 95% level where we expect a reaction from.