MEX_Exchange
Short

Reversed Nicely Off Its Resistance, Further Drop Expected

FX:EURUSD   Euro / U.S. Dollar
Sell below 1.2378. Stop loss 1.2455. Take profit 1.2233.
Reason for trading strategy:
EURUSD reversed nicely off its resistance at 1.2378 (61.8% Fibonacci extension , 61.8% Fibonacci retracement , horizontal overlap resistance) where we expect it to fall to its support at 1.2233 (61.8% Fibonacci extension , 78.6% Fibonacci retracement ). We have also identified another resistance at 1.2455 (100% Fibonacci extension , 76.4% Fibonacci retracement , multiple swing high resistance).

Stochastic (55, 5, 3) has reversed off its resistance at 97% where it still has a lot of downside potential.
is this trade active?
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