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.