ICmarkets
Short

EURUSD is testing its resistance, potential reversal!

FX:EURUSD   Euro / U.S. Dollar
EURUSD             tested its resistance at 1.2387 (61.8% Fibonacci retracement , horizontal overlap support) where it could potentially react off, causing price to fall to its 1st support t 1.2325 (38.2% Fibonacci retracement , horizontal support) or to its 2nd support at 1.2306 (50% Fibonacci retracement , horizontal overlap support). We have also identified another resistance at 1.2420 (78.6% Fibonacci retracement , horizontal swing high resistance).
Stochastic (55, 5, 3) reacted off its resistance at 96% where it has a lot of downside potential. We also identified a bearish divergence with price which contributes to our bearish bias.
Trade closed: stop reached
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