EURUSD testing major resistance, prepare for a drop
Sell below 1.2309. Stop loss at 1.2359. Take profit at 1.2210.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2309 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and a drop could occur at this level to push price down to at least 1.2210 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.2309 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and a drop could occur at this level to push price down to at least 1.2210 support (Fibonacci retracement, horizontal swing low support).
Stochastic (21,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.