theforexarmy
Short

EURUSD Weekly View: Dropping nicely towards our profit target

FX:EURUSD   Euro / U.S. Dollar
Sell below 1.0700. Stop loss at 1.0850. Take profit at 1.0510.
Reason for the trading strategy:
Price reacted nicely from our selling area last week and is dropping nicely towards our profit target. We remain bearish below 1.0700 resistance ( Fibonacci retracement , horizontal overlap resistance, pullback resistance) for a further push down to 1.0510 support ( Fibonacci retracement , horizontal support).

RSI (34) is seeing strong resistance below our 61% level and has also made a bearish exit, signalling a change in momentum to bearish .

Stochastic (21,5,3) is seeing strong resistance below our 90% level and has also made a bearish exit, signalling a change in momentum to bearish .

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