EURUSD is reversing nicely below strong resistance, good opportunity to start selling.
Sell below 1.2354. Stop loss at 1.2385. Take profit at 1.2295.
Reason for the trading strategy (technically):
Price is testing major resistance at 1.2354 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension) and a strong reaction could occur at this level to push prices down all the way to 1.2295 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance at 93% where a corresponding reaction could occur.seeing a shift in momentum. We’re also seeing a pullback to our RSI support where another bounce could occur.
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About the analyst
Desmond Leong provides technical analysis to the largest banks, hedge funds, and brokers whilst coaching hundreds of aspiring traders. He specializes in providing actionable and accurate analysis that utilizes the most advanced theories.
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