FX.co ★ EUR/USD forming a really nice reversal, remain bearish

The price has started to form a really nice reversal pattern as we first suspected. We remain bearish below major resistance at 1.1666 (Fibonacci retracement, horizontal pullback resistance, breakout area, bearish divergence) for a further push back down to 1.1573 support (Fibonacci extension, horizontal swing low support).

Stochastic (21,3,1) is dropping nicely with good downside potential. Bearish divergence vs price signals that a reversal is impending.

Sell below 1.1666. Stop loss is at 1.1738. Take profit is at 1.1573.