Sell below 83.92. Stop loss at 84.51. Take profit at 82.43.
Reason for the trading strategy (technically):
Price has gapped up and reached our profit target perfectly this morning. We prepare to sell below 83.92 resistance (Fibonacci retracement, horizontal resistance, bearish divergence) for price to drop down towards 82.43 (Fibonacci retracement, horizontal pullback support, price gap) to fill up the gap that has been created.
Stochastic (55,5,3) is seeing strong resistance below 91% and also sees bearish divergence vs price signalling that a bearish reversal is impending.
To read about the daily technical analysis strategies in more detail, you can check them out here : www.theforexarmy.com...lysis/24-april-2017/
They're very useful for forex scalping, day trading and swing trading opportunities.
Reason for the trading strategy (technically):
Price has gapped up and reached our profit target perfectly this morning. We prepare to sell below 83.92 resistance (Fibonacci retracement, horizontal resistance, bearish divergence) for price to drop down towards 82.43 (Fibonacci retracement, horizontal pullback support, price gap) to fill up the gap that has been created.
Stochastic (55,5,3) is seeing strong resistance below 91% and also sees bearish divergence vs price signalling that a bearish reversal is impending.
To read about the daily technical analysis strategies in more detail, you can check them out here : www.theforexarmy.com...lysis/24-april-2017/
They're very useful for forex scalping, day trading and swing trading opportunities.