EURUSD Tested Its Major Resistance, Remain Bearish
Sell below 1.1991. Stop loss 1.2066. Take profit at 1.1829.
Reason for the trading strategy (technically):
EURUSD reversed nicely off its resistance at 1.1991 (23.6% Fibonacci retracement, 23.6% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance) where we look to sell on strength. We expect prices to fall to its support at 1.1829 (horizontal swing low support) but have to be careful of the intermediate support at 1.1891 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed nicely off its resisance at 97% where it has a lot of downside potential.
Reason for the trading strategy (technically):
EURUSD reversed nicely off its resistance at 1.1991 (23.6% Fibonacci retracement, 23.6% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance) where we look to sell on strength. We expect prices to fall to its support at 1.1829 (horizontal swing low support) but have to be careful of the intermediate support at 1.1891 (61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (89, 5, 3) reversed nicely off its resisance at 97% where it has a lot of downside potential.
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