EURUSD testing major resistance, time to start selling
Intro: EURUSD is starting to test major resistance which is a good opportunity to start selling from.
Sell below 1.2355. Stop loss at 1.2422. Take profit at 1.2166.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2355 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to 1.2166 resistance (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
Sell below 1.2355. Stop loss at 1.2422. Take profit at 1.2166.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2355 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to 1.2166 resistance (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.
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