Profit target reached perfectly, remain bearish
Sell below 1.2654. Stop loss at 1.2943. Take profit at 1.2078.
Reason for the trading strategy:
Price has dropped perfectly and has reached our profit target. We now prepare to sell with a clean break below 1.2654 resistance (Fibonacci retracement area, horizontal overlap support) as if price breaks this area, we can expect a strong drop towards 1.2078 support (Fibonacci extension, horizontal swing low support).
RSI (34) also sees descending resistance as bearish momentum indicators.
Reason for the trading strategy:
Price has dropped perfectly and has reached our profit target. We now prepare to sell with a clean break below 1.2654 resistance (Fibonacci retracement area, horizontal overlap support) as if price breaks this area, we can expect a strong drop towards 1.2078 support (Fibonacci extension, horizontal swing low support).
RSI (34) also sees descending resistance as bearish momentum indicators.