EURUSD testing major resistance, prepare to turn bearish
Sell below 1.0627. Stop loss at 1.0681. Take profit at 1.0545.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.0627 (major horizontal resistance, Fibonacci retracement) and we expect a drop from this level to at least 1.0545 support (Fibonacci retracement, horizontal pullback support).
RSI (34) is also seeing major resistance below the 65% and 61% area where we hope to see a corresponding drop from.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.0627 (major horizontal resistance, Fibonacci retracement) and we expect a drop from this level to at least 1.0545 support (Fibonacci retracement, horizontal pullback support).
RSI (34) is also seeing major resistance below the 65% and 61% area where we hope to see a corresponding drop from.
