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theforexarmy

EURUSD testing major resistance, prepare to turn bearish

Short
Euro / U.S. Dollar (FX:EURUSD)  
theforexarmy  
FX:EURUSD   Euro / U.S. Dollar
EURUSD eurusdshort eurusdidea eurusddaily eurusdnews eurusdlong USD EUR eurusdanalysis eurusd1hr eurusdlongsetup eurusdsell eurusdforecast
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eurusd eurusdshort eurusdidea eurusddaily eurusdnews eurusdlong usd eur eurusdanalysis eurusd1hr eurusdlongsetup eurusdsell eurusdforecast
Sell below 1.0627. Stop loss at 1.0681. Take profit at 1.0545.
Reason for the trading strategy (technically):
Price is now testing major resistance at 1.0627 (major horizontal resistance, Fibonacci retracement) and we expect a drop from this level to at least 1.0545 support (Fibonacci retracement, horizontal pullback support).
RSI (34) is also seeing major resistance below the 65% and 61% area where we hope to see a corresponding drop from.

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