Sell below 0.7962. Stop loss at 0.7995. Take profit at 0.7875.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7962 (Fibonacci retracement, Fibonacci extension) and we expect to see a drop from here towards 0.7875 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.
Reason for the trading strategy (technically):
Price is approaching major resistance at 0.7962 (Fibonacci retracement, Fibonacci extension) and we expect to see a drop from here towards 0.7875 support (Fibonacci extension, horizontal swing low support).
RSI (34) sees a descending resistance line holding our bearish momentum really nicely.
Correlation analysis: We are expecting commodities weakness with AUDUSD and NZDUSD both expecting drops.