EURCHF Testing Resistance, Prepare For A Reversal!
Sell below 1.1710.
Stop loss 1.1775.
Take profit at 1.1601.
Reason for the trading strategy (technically):
EURCHF is testing its resistance at 1.1710 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it could react off, causing it to fall to its support at 1.1601 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reaction could occur.
Stop loss 1.1775.
Take profit at 1.1601.
Reason for the trading strategy (technically):
EURCHF is testing its resistance at 1.1710 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it could react off, causing it to fall to its support at 1.1601 (61.8% Fibonacci extension, 38.2% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 98% where a corresponding reaction could occur.