1. Good RR at that level. 2. 0.618 fibs level. Rejection can be seen on 1 hr time frame. 3. AB = CD Pattern completion
Sell below 1.1722. Stop loss at 1.1792. Take profit at 1.1536. Reason for the trading strategy (technically): EURUSD tested its resistance at 1.1722 (23.6% Fibonacci retracement, channel resistance, horizontal overlap resistance) where we expect price to fall to its support at 1.1536 (horizontal swing low support). We do have to be cautious of the intermediate...
Sell below 1.1991. Stop loss 1.2066. Take profit at 1.1829. Reason for the trading strategy (technically): EURUSD reversed nicely off its resistance at 1.1991 (23.6% Fibonacci retracement, 23.6% Fibonacci retracement, 100% Fibonacci extension, horizontal overlap resistance) where we look to sell on strength. We expect prices to fall to its support at 1.1829...