Price dropped perfectly from our selling area of 0.7300 and reached our profit target of 0.7200 before bouncing up. We remain bearish looking to sell on strength below 0.7300 major resistance (Fibonacci projection, Fibonacci retracement, horizontal resistance) for another drop to 0.7200 at least.
Stochastics (21,5,3) is again approaching resistance at 93% where we expect a reaction from.RS (21) is below our descending resistance line but the pair is required to rise to it before we see a drop from there again.
Sell below 0.7300. Stop loss is at 0.7325. Take profit is at 0.7200.
