EUR/USD profit target reached perfectly, prepare to sell

The price has shot up and reached our profit target perfectly. We prepare to sell below 1.1485 resistance (Fibonacci extension, horizontal swing high resistance) for a push down to at least 1.1419 support (Fibonacci retracement, horizontal pull back support).

Stochastic (34,5,3) is testing major resistance at 97% signaling that a reversal is fast approaching.

Correlation analysis: EUR/USD and USD/CHF are negatively correlated, meaning they move in opposite directions. It's good to see a drop on EUR/USD and a corresponding bounce in USD/CHF.

Sell below 1.1485. Stop loss is at 1.1511. Take profit is at 1.1419.


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