EURUSD approaching major resistance, prepare to sell
Sell below 1.1836. Stop loss at 1.1897. Take profit at 1.1717.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1836 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction off this level to push price down to at least 1.1717 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 99% and we have a little more upside potential to go which coincides with the drop we’re expecting on price.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1836 (Fibonacci retracement, horizontal overlap resistance) and we expect to see a strong reaction off this level to push price down to at least 1.1717 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 99% and we have a little more upside potential to go which coincides with the drop we’re expecting on price.