EURUSD Reversed Off Resistance, Prepare For A Drop
Sell below 1.1626.
Stop loss 1.1668.
Take profit at 1.1533.
Reason for the trading strategy (technically):
EURUSD reversed off its resistance at 1.1626 (61.8% Fibonacci extension, 38.2%, 50% Fibonacci retracement, horizontal overlap resistance) where we expect price to drop further to its support at 1.1533 (horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop could occur.
Stop loss 1.1668.
Take profit at 1.1533.
Reason for the trading strategy (technically):
EURUSD reversed off its resistance at 1.1626 (61.8% Fibonacci extension, 38.2%, 50% Fibonacci retracement, horizontal overlap resistance) where we expect price to drop further to its support at 1.1533 (horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 95% where a corresponding drop could occur.