EUR/USD on major resistance, prepare to sell

The price is testing major resistance at 1.1846 (multiple Fibonacci extensions, horizontal swing high resistance) and we expect to see an intermediate correction for a drop towards 1.1764 support (Fibonacci retracement, horizontal pullback support).

Stochastic (34,5,3) is seeing strong resistance below our 98% level where we expect a drop from too.

Correlation analysis: We are expecting EUR weakness with strong resistance seen on EUR/USD and EUR/JPY.

Sell below 1.1846. Stop loss is at 1.1880. Take profit is at 1.1764.


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