EURUSD Testing Resistance, Prepare For Reversal
Sell below 1.1631.
Stop loss at 1.1723.
Take profit at 1.1523.
Reason for the trading strategy (technically):
EURUSD is testing its resistance at 1.1631 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.1523 (38.2% Fibonacci retracement) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
Stop loss at 1.1723.
Take profit at 1.1523.
Reason for the trading strategy (technically):
EURUSD is testing its resistance at 1.1631 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where a reversal to its support at 1.1523 (38.2% Fibonacci retracement) is expected.
Stochastic (55, 5, 3) has reversed off its resistance at 97% where a corresponding drop is expected.
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