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

The price has started to show the first signs of a major bearish reversal by breaking out of our ascending channel and testing 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) needs to break our intermediate support at 50% once again to trigger a bearish move from here.

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