EURUSD Testing Resistance, Prepare For A Drop!
Sell below 1.1728. Stop loss 1.1823. Take profit at 1.1536.
Reason for the trading strategy (technically):
EURUSD is testing its resistance at 1.1728 (23.6% & 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 1.1536 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 92% where a corresponding reaction is expected.
Reason for the trading strategy (technically):
EURUSD is testing its resistance at 1.1728 (23.6% & 50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal overlap resistance) where we expect to see a reversal, causing price to fall to its support at 1.1536 (horizontal swing low support).
Stochastic (55, 5, 3) is approaching its resistance at 92% where a corresponding reaction is expected.
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