FX.co ★ EUR/USD testing major support, prepare to sell

Price has started to show the first signs of a major bearish reversal by breaking out of our ascending channel and breaking below our major support level. We remain bearish looking to below 1.1750 support (Fibonacci retracement, horizontal overlap support) for a drop to at least 1.1500 support (Fibonacci retracement, horizontal overlap support, big figure).

RSI (34) sees intermediate support at 50% and only a break of this level would correspondingly trigger a bearish move on EUR/USD.

Sell below 1.1750. Stop loss is at 1.1854. Take profit is at 1.1500.