EURUSD continues to rise strongly and is approaching resistance
Sell below 1.1878. Stop loss at 1.1948. Take profit at 1.1529.
Reason for the trading strategy (technically):
We remain bearish with price testing two major Fibonacci retracement levels at 50% and 61.8% where we expect a reaction from. We adjust our stop loss to 1.1948 right above the gap to give this trade a bit more breathing space. The goal is to continue to sell below 1.1878 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a strong reaction off this level to push price down to at least 1.1752 support (Fibonacci retracement, horizontal overlap support)
Stochastic (34,3,1) is seeing major resistance at 95% along with bearish divergence vs price signalling that a reversal is impending.
Reason for the trading strategy (technically):
We remain bearish with price testing two major Fibonacci retracement levels at 50% and 61.8% where we expect a reaction from. We adjust our stop loss to 1.1948 right above the gap to give this trade a bit more breathing space. The goal is to continue to sell below 1.1878 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a strong reaction off this level to push price down to at least 1.1752 support (Fibonacci retracement, horizontal overlap support)
Stochastic (34,3,1) is seeing major resistance at 95% along with bearish divergence vs price signalling that a reversal is impending.
Trade closed: target reached:
we kicked ass didn't we? lol