EURUSD on pullback resistance, time to sell
Intro: EURUSD is now on major pullback resistance, good opportunity to enter!
Sell below 1.2272. Stop loss at 1.2371. Take profit at 1.2079.
Reason for the trading strategy (technically):
Price is now testing descending resistance and Ichimoku resistance along with major resistance at 1.2272 (Fibonacci retracement, horizontal pullback resistance). A drop can occur from here to push price down to 1.2079 support (Fibonacci retracement, horizontal pullback support). We do have to keep a look out for major support at 1.2172 which needs to be broken before a further drop can be expected.
RSI (34) sees descending resistance maintain our bearish bias.
Sell below 1.2272. Stop loss at 1.2371. Take profit at 1.2079.
Reason for the trading strategy (technically):
Price is now testing descending resistance and Ichimoku resistance along with major resistance at 1.2272 (Fibonacci retracement, horizontal pullback resistance). A drop can occur from here to push price down to 1.2079 support (Fibonacci retracement, horizontal pullback support). We do have to keep a look out for major support at 1.2172 which needs to be broken before a further drop can be expected.
RSI (34) sees descending resistance maintain our bearish bias.
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