EUR/USD right on resistance, remain bearish

We remain bearish looking 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 pullback 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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