MEX_Exchange
Short

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 !
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Watching it closely. Fingers crossed. :)
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@umesh311, Yeah glad it is reversing nicely!
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umesh311 MEX_Exchange
@MEX_Exchange, Thank you so much. Really appreciate the work you are putting on this.
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@umesh311, hohoho!
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I love trading EURUSD, I am glad you do analysis and ideas for it too... thanks!
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Really useful analysis on EURUSD, thanks!
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Greetings from UK! Thanks for all the analysis, we are forever grateful to you!
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Do you do any cross asset correlation when doing your analysis, MEX_Exchange?
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