FX.co ★ EUR/USD right on channel resistance, prepare to sell

The price is right on major resistance at 1.1746 (Fibonacci extension, channel resistance) and we expect to see a reaction off this level for a drop towards 1.1617 support (Fibonacci retracement, multiple swing low support).

Stochastic (34,5,3) is seeing major resistance below 98% where we expect a corresponding reaction from.

Correlation analysis: USD/CHF and EUR/USD are negatively correlated. So it is nice to see a bounce on USD/CHF and a correlated drop on EUR/USD.

Sell below 1.1746. Stop loss is at 1.1782. Take profit is at 1.1617.