Downward trend on multiple timeframes, combined with fibonacci retracement and exponential moving average crosses, I've come to the conclusion that it is sensible to place a SELL STOP at 119.044.
I am basing my analysis on a fib rejection, MA rejection and trendline rejection.
RSI is also indicating the end of the retracement.
To add to the confluences, DXY is bullish and CXY is bearish.
I can see a continuation of the bearish trend after a retracement to the 25 EMA due to the RSI being too low.
To support my prediction, I have the bearish trend coming off from a resistance found in the daily timeframe.
The stop-loss has been positioned with respect to the previous consolidation region. An ambitious target price was chosen short of a support...
