EURUSD sell signal triggered, time to play the drop
Sell below 1.1862. Stop loss at 1.1974. Take profit at 1.1728.
Reason for the trading strategy (technically):
Price has broken major support and we now look to sell below major resistance at 1.1862 (Multiple Fibonacci retracement, horizontal pullback support) and we look to sell on the pullback to this major resistance for price to drop to at least 1.1728 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is dropping nicely from our 94% resistance level pushing price to the next support level. We still have good downside potential for this strategy.
Reason for the trading strategy (technically):
Price has broken major support and we now look to sell below major resistance at 1.1862 (Multiple Fibonacci retracement, horizontal pullback support) and we look to sell on the pullback to this major resistance for price to drop to at least 1.1728 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,3,1) is dropping nicely from our 94% resistance level pushing price to the next support level. We still have good downside potential for this strategy.