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EURUSD major support broken, prepare for a drop

Jan. 18, 2018, 05:18

Sell below 1.2203. Stop loss at 1.2253. Take profit at 1.2089.

Reason for the trading strategy (technically):

Price has broken major support-turned-resistance at 1.2203 (Fibonacci retracement, horizontal pullback resistance) and we expect this to trigger a strong sell off that would push price down to at least 1.2089 support (Fibonacci retracement, horizontal pullback support).

RSI (55) sees a bearish exit of our ascending support-turned-resistance line signalling that we’ll likely be seeing some bearish momentum from here.

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