EURUSD: Selling Opportunities from Resistance

The price bounced from the upper line of the price channel. Definitely, the market is going to provide us a workable selling opportunity. We have a bearish candle, which confirms the price reversal. RSI confirmed the price reversal in the overbought zone, and it gives us a solid bearish signal. MACD histogram is going to support a possible downward movement.
In spite of bullish signals from MACD lines and DMI, the price can move toward to 1.16000 support during the next week.

We should search for exact selling opportunities using the hourly and minute charts. Stop orders must be placed above 1.18000 resistance and the local swing highs. The main profit target should be 1.16000 Support level. If the price breaks this support, we will be able to see a downward movement to SMA50 and 1.14000 support. Risk per trade must be no more than 1-2% from the capital.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.