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Daily – EURUSD prepare to sell on strength for a further drop

Published on: 2017-07-13 01:02 GMT

Sell below 1.1444. Stop loss at 1.1470. Take profit at 1.1381.

Reason for the trading strategy (technically):
Price has dropped sharply from yesterday. We prepare to sell below 1.1444 resistance (Fibonacci retracement, horizontal pullback resistance, Elliott wave theory) to play the further push down to at least 1.1381 support (Fibonacci extension, horizontal swing low support, Fibonacci extension).

Stochastic (55,5,3) still has some good downside potential to at least 4.6% for price to play the drop to.