EURUSD Approaching Resistance, Prepare For A Reaction!
Sell below 1.1727.
Stop loss 1.1784.
Take profit at 1.1596.
Reason for the trading strategy (technically):
EURUSD is approaching its resistance at 1.1727 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect price to react off, causing it to fall to its support at 1.1596 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback support).
Stochastic (55, 5, 3) is testing its resistance at 95% where a corresponding reversal could occur.
Stop loss 1.1784.
Take profit at 1.1596.
Reason for the trading strategy (technically):
EURUSD is approaching its resistance at 1.1727 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance) where we expect price to react off, causing it to fall to its support at 1.1596 (61.8% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback support).
Stochastic (55, 5, 3) is testing its resistance at 95% where a corresponding reversal could occur.