Short EUR/USD during resistance testing for quick profits
Britain voted to leave EU which resulted in fast losses on the value of the pound and by extension the EU, which is currently dealing with economic difficulties itself. The loss of the UK means the loss of significant income.
Currently players are taking profits which is pushing the price back up. However, a strong resistance is observed at the convergence of .5 fib retracement and r1 pivot point. The price bounced down. It is below r2 and expected to approach r3 as bears test resistance and possibly being wave 3 of elliot wave. Furtermore, the MACD and RSI remain in the sell position.
My idea is to short below the 23.6% fib retracement at 1.1020 and take 600 pts profit at 1.096.
Currently players are taking profits which is pushing the price back up. However, a strong resistance is observed at the convergence of .5 fib retracement and r1 pivot point. The price bounced down. It is below r2 and expected to approach r3 as bears test resistance and possibly being wave 3 of elliot wave. Furtermore, the MACD and RSI remain in the sell position.
My idea is to short below the 23.6% fib retracement at 1.1020 and take 600 pts profit at 1.096.