FX.co ★ EUR/USD testing strong resistance, prepare to sell

The price has bounced up perfectly from our buying area previously and is fast approaching our profit target. We turn bearish today looking to sell below 1.11744 resistance (Fibonacci retracement, horizontal pullback resistance) for a push down to at least 1.1653 support (Fibonacci extension).

Stochastic (21,5,3) is seeing major resistance below 95% and we expect a corresponding reaction from this level.

Sell below 1.1744. Stop loss is at 1.1793. Take profit is at 1.1653.