TradingView
MEX_Exchange
Jul 26, 2017 3:18 AM

EURUSD below major resistance, remain bearish Short

Euro Fx/U.S. DollarFXCM

Description

Sell below 1.1693. Stop loss at 1.1722. Take profit at 1.1583.
Reason for the trading strategy (technically):
Price has formed a really strong bearish reversal sign below 1.1693 resistance (Fibonacci extension, horizontal swing high resistance, bearish price action, bearish divergence) and we expect to see a further drop below this level towards at least 1.1583 support (Fibonacci retracement, horizontal pullback support).
Stochastic (55,5,3) is dropping nicely from our 98% resistance and has good downside potential.

More