EURUSD continues to rise strongly and is approaching resistance

FX:EURUSD   Euro / U.S. Dollar
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.
Trade closed: target reached: we kicked ass didn't we? lol
marvelous !
Watching it closely. Fingers crossed. :)
@umesh311, Yeah glad it is reversing nicely!
umesh311 MEX_Exchange
@MEX_Exchange, Thank you so much. Really appreciate the work you are putting on this.
@umesh311, hohoho!
I love trading EURUSD, I am glad you do analysis and ideas for it too... thanks!
Really useful analysis on EURUSD, thanks!
Greetings from UK! Thanks for all the analysis, we are forever grateful to you!
Do you do any cross asset correlation when doing your analysis, MEX_Exchange?
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