EURUSD testing major resistance, prepare to sell
Sell below 1.1994. Stop loss at 1.2035. Take profit at 1.1838.
Reason for the trading strategy (technically):
Price is seeing major resistance below 1.1994 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to push price down to at least 1.1838 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement).
Stochastic (34,3,1) is seeing major resistance below 95% where stochastic is turning down nicely from.
Reason for the trading strategy (technically):
Price is seeing major resistance below 1.1994 (Fibonacci extension, Fibonacci retracement, horizontal overlap resistance) and we expect a strong reaction from this level to push price down to at least 1.1838 support (Fibonacci extension, horizontal swing low support, Fibonacci retracement).
Stochastic (34,3,1) is seeing major resistance below 95% where stochastic is turning down nicely from.
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