Prepare to sell EUR/USD on break of major support

Price has started to show the first signs of a major bearish reversal by breaking out of our ascending channel. However, we prepare to sell only if the price manages to close below 1.1750 support (Fibonacci retracement, horizontal overlap support) which would trigger a bearish move for a drop to at least 1.1500 support (Fibonacci retracement, horizontal overlap support, big figure).

RSI (34) sees intermediate support at 50% and only a break of this level would correspondingly trigger a bearish move on EUR/USD.

Sell below 1.1750. Set stop loss at 1.1854 and take profit at 1.1500.


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