EUR/USD testing strong resistance, prepare for a drop

The price is testing major resistance at 1.2057 (Fibonacci retracement, horizontal overlap resistance, bearish butterfly harmonic formation) and we expect to see a reaction off this level to push the price down towards 1.2018 before 1.1982 (Fibonacci retracement, horizontal overlap support).

Stochastic (34,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.

Sell below 1.2057. Stop loss is at 1.2096. Take profit is at 1.1982.


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