EURUSD reversing below major resistance, prepare to sell
Sell below 1.1824. Stop loss at 1.1928. Take profit at 1.1615.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.1824 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) and we expect to see a drop from this level to at least 1.1615 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
RSI (34) sees intermediate resistance at 56% which is holding price down really well. As long as RSI remains below 56%, we will maintain our bearish bias.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.1824 (Fibonacci retracement, horizontal overlap resistance, pullback resistance) and we expect to see a drop from this level to at least 1.1615 support (Fibonacci retracement, horizontal swing low support, Fibonacci extension).
RSI (34) sees intermediate resistance at 56% which is holding price down really well. As long as RSI remains below 56%, we will maintain our bearish bias.