EURUSD on major resistance, prepare to sell
Sell below 1.1846. Stop loss at 1.1880. Take profit at 1.1764.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.1846 (multiple Fibonacci extensions, horizontal swing high resistance) and we expect to see an intermediate correction for a drop towards 1.1764 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below our 98% level where we expect a drop from too.
Correlation analysis: We are expecting EUR weakness with strong resistance seen on EURUSD and EURJPY.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.1846 (multiple Fibonacci extensions, horizontal swing high resistance) and we expect to see an intermediate correction for a drop towards 1.1764 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is seeing strong resistance below our 98% level where we expect a drop from too.
Correlation analysis: We are expecting EUR weakness with strong resistance seen on EURUSD and EURJPY.
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