EURUSD approaching major resistance, prepare to sell
Sell below 1.1793. Stop loss at 1.1842. Take profit at 1.1691.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1793 (Fibonacci retracement, horizontal swing high resistance, descending resistance) and we expect price to have a strong reaction off that level to push it down to at least 1.1691 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 94% and we expect a corresponding reaction off that level similar to the one we expect on price.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1793 (Fibonacci retracement, horizontal swing high resistance, descending resistance) and we expect price to have a strong reaction off that level to push it down to at least 1.1691 support (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance below 94% and we expect a corresponding reaction off that level similar to the one we expect on price.