EURUSD back to major resistance, remain bearish
Intro: EURUSD has risen back to our major selling level resistance, great opportunity to sell from.
Sell below 1.2355. Stop loss at 1.2422. Take profit at 1.2166.
Reason for the trading strategy (technically):
Price had dropped really strongly yesterday and has risen back to test our major resistance at 1.2355 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance). We forecast a strong reaction could occur at this level to push price down to 1.2166 resistance (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing dropping nicely with good downside potential for the rest of our drop.
Sell below 1.2355. Stop loss at 1.2422. Take profit at 1.2166.
Reason for the trading strategy (technically):
Price had dropped really strongly yesterday and has risen back to test our major resistance at 1.2355 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance). We forecast a strong reaction could occur at this level to push price down to 1.2166 resistance (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing dropping nicely with good downside potential for the rest of our drop.
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