theforexarmy

EURUSD turn bearish with break of our long term support

Short
FX:EURUSD   Euro / U.S. Dollar
Sell below 1.0711. Stop loss at 1.0758. Take profit at 1.0623.
Reason for the trading strategy (technically):
With the break of our long term ascending support-turned-resistance line, we turn bearish below 1.0711 resistance ( Fibonacci retracement , horizontal overlap resistance, pullback resistance) for a drop to at least 1.0623 ( Fibonacci retracement , recent swing low support).
Stochastic (55,5,3) has made a bearish exit signalling a further drop is expected.