EURUSD approaching major resistance, prepare to sell
Sell below 1.1841. Stop loss at 1.1890. Take profit at 1.1728.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1841 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction off this level to push price down to at least 1.1728 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).
Stochastic (34,3,1) is seeing major resistance from the 100% level and we’re starting to see a nice reversal take place.
Reason for the trading strategy (technically):
Price is approaching major resistance at 1.1841 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and we expect to see a strong reaction off this level to push price down to at least 1.1728 support (Fibonacci extension, horizontal swing low support, Elliott wave theory).
Stochastic (34,3,1) is seeing major resistance from the 100% level and we’re starting to see a nice reversal take place.
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