EURUSD testing strong resistance, prepare to sell
Sell below 1.1744. Stop loss at 1.1793. Take profit at 1.1653.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area previously and is fast approaching our profit target. We turn bearish today looking to sell below 1.11744 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 1.1653 support (Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 95% and we expect a corresponding reaction from this level.
Reason for the trading strategy (technically):
Price has bounced up perfectly from our buying area previously and is fast approaching our profit target. We turn bearish today looking to sell below 1.11744 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 1.1653 support (Fibonacci extension).
Stochastic (21,5,3) is seeing major resistance below 95% and we expect a corresponding reaction from this level.
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