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Market Analysis

EURUSD Right On Resistance, Time To Sell

March 20, 2018
BY Emma Richards

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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