FX.co ★ EUR/USD Trading Recommendations for 8th August 2016

1.1235 is the golden ratio Fibonacci retracement from the high of 24th June, 2016. It is also a 1.0 Fibonacci projection as seen by the brown arrows. This is a key resistance level for us to sell off.

1.1075 is our first profit target because it is a graphical support + 50% Fibonacci retracement level.

RSI has reacted off the 76% resistance level triggering a bearish move.

Stochastics has reacted off our 82% to 92% resistance level triggering a bearish move.

Trading Recommendations :

Sell now and once more at 1.1235

Stop loss at 1.1305

Take profit at 1.1075