EURUSD Testing Major Resistance, Time To Start Selling

EURUSD Testing Major Resistance, Time To Start Selling

EURUSD is starting to test major resistance which is a good opportunity to start selling from. 

Sell below 1.2355. Stop loss at 1.2422. Take profit at 1.2166.

Reason for the trading strategy (technically):

Price is testing major resistance at 1.2355 (Fibonacci retracement, Fibonacci extension, horizontal overlap resistance) and a strong reaction could occur at this level to push price down to 1.2166 resistance (Fibonacci extension, horizontal swing low support).
Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction 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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