EURUSD right on major resistance, time to sell
Sell below 1.1425. Stop loss at 1.1450. Take profit at 1.1369.
Reason for the trading strategy (technically):
We look to sell below major resistance at 1.1425 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a push down to at least 1.1369 support (Fibonacci retracement, horizontal pullback support, Elliott wave theory).
Stochastic (34,5,3) is seeing major resistance below 96% where we expect a drop from.
Traders Dynamic Index is making a bearish crossover signalling that a reversal is in motion and we can expect a drop from here.
Correlation analysis: EURUSD and USDCHF are strongly negatively correlated. Hence it is good that we expect a bounce on USDCHF and a drop on EURUSD as this shows that they are moving in tandem.
Reason for the trading strategy (technically):
We look to sell below major resistance at 1.1425 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance) for a push down to at least 1.1369 support (Fibonacci retracement, horizontal pullback support, Elliott wave theory).
Stochastic (34,5,3) is seeing major resistance below 96% where we expect a drop from.
Traders Dynamic Index is making a bearish crossover signalling that a reversal is in motion and we can expect a drop from here.
Correlation analysis: EURUSD and USDCHF are strongly negatively correlated. Hence it is good that we expect a bounce on USDCHF and a drop on EURUSD as this shows that they are moving in tandem.
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