EURUSD forming a major reversal
Sell below 1.2023. Stop loss at 1.2100. Take profit at 1.1886.
Reason for the trading strategy (technically):
Price is seeing major resistance at 1.2023 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance, bearish butterfly harmonic formation) and we expect a strong drop from this level towards 1.1886 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,3,1) is seeing major resistance below 98% and we expect a corresponding drop from here.
Reason for the trading strategy (technically):
Price is seeing major resistance at 1.2023 (Fibonacci extension, Fibonacci retracement, horizontal swing high resistance, bearish butterfly harmonic formation) and we expect a strong drop from this level towards 1.1886 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,3,1) is seeing major resistance below 98% and we expect a corresponding drop from here.
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