EURUSD Strategic View: Prepare to sell on major resistance
Sell below 1.1961. Stop loss at 1.2012. Take profit at 1.1841.
Reason for the trading strategy:
Price is slowly creeping up towards major resistance at 1.1961 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) and we expect a strong reaction off that level to push price down to at least 1.1841 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is approaching major resistance at 98% where we expect a corresponding reaction from.
Reason for the trading strategy:
Price is slowly creeping up towards major resistance at 1.1961 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal swing high resistance) and we expect a strong reaction off that level to push price down to at least 1.1841 support (Fibonacci retracement, horizontal overlap support).
Stochastic (55,3,1) is approaching major resistance at 98% where we expect a corresponding reaction from.
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