EURUSD dropping perfectly from our selling area, remain bearish

2017年8月2日

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 reacting nicely off its resistance and we expect a further drop from here.