Sell now and sell once more if price rises up to 1.1235. Take profit at 1.1075. Stop loss at 1.1305.
Reason for the trading strategy (technically):
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 hence 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.
Reason for the trading strategy (fundamentally) :
The key news event is the U.S. ISM Manufacturing announcement that affects the strength of the USD. Historically since the start of this year, we’ve seen ISM Manufacturing PMI increase 5 out of 6 times. We expect another increase today meaning USD will strengthen, causing EURUSD to drop.
Reason for the trading strategy (technically):
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 hence 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.
Reason for the trading strategy (fundamentally) :
The key news event is the U.S. ISM Manufacturing announcement that affects the strength of the USD. Historically since the start of this year, we’ve seen ISM Manufacturing PMI increase 5 out of 6 times. We expect another increase today meaning USD will strengthen, causing EURUSD to drop.
Exness- EURUSD strongly overbought, expecting a bearish reversal
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