EURUSD bounced up perfectly to profit target, prepare to sell
Sell below 1.1966. Stop loss at 1.2001. Take profit at 1.1869.
Reason for the trading strategy (technically):
Price has bounced up strongly as expected. We now prepare to sell below major resistance at 1.1966 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 1.1869 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 92% and we expect a drop from this level.
Reason for the trading strategy (technically):
Price has bounced up strongly as expected. We now prepare to sell below major resistance at 1.1966 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) for a push down to at least 1.1869 support (Fibonacci extension, horizontal swing low support).
Stochastic (34,3,1) is seeing major resistance below 92% and we expect a drop from this level.