EUR/USD continues to rise strongly and is approaching major resistance, remain bearish

We remain bearish with price testing two major Fibonacci retracement levels at 50% and 61.8% where we expect a reaction from. We adjust our stop loss to 1.1948 right above the gap to give this trade a bit more breathing space. The goal is to continue to sell below 1.1878 resistance (Fibonacci retracement, horizontal overlap resistance, bearish divergence) for a strong reaction off this level to push price down to at least 1.1752 support (Fibonacci retracement, horizontal overlap support)

Stochastic (34,3,1) is seeing major resistance at 95% along with bearish divergence vs price signaling that a reversal is impending.

Sell below 1.1878. Stop loss is at 1.1948. Take profit is at 1.1529.


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