Sell below 1.1485. Stop loss at 1.1511. Take profit at 1.1419.
Reason for the trading strategy (technically):
We remain bearish looking to sell below 1.1485 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 1.1419 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 97% signalling that a reversal is fast approaching.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they move in opposite directions. It’s good to see a drop on EURUSD and a corresponding bounce in USDCHF.
Reason for the trading strategy (technically):
We remain bearish looking to sell below 1.1485 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 1.1419 support (Fibonacci retracement, horizontal pullback support).
Stochastic (34,5,3) is testing major resistance at 97% signalling that a reversal is fast approaching.
Correlation analysis: EURUSD and USDCHF are negatively correlated, meaning they move in opposite directions. It’s good to see a drop on EURUSD and a corresponding bounce in USDCHF.