EURUSD has made a major breakout, prepare for a drop
Intro: EURUSD has finally broken a very strong support level, opening a potentially mega drop from here.
Sell below 1.2223. Stop loss at 1.2371. Take profit at 1.1940.
Reason for the trading strategy (technically):
Price has finally broken a major support level at 1.2223 (Fibonacci retracement, horizontal swing low support) after breaking our long term ascending support-turned-resistance line. This has triggered a strong bearish exit from here that is likely to push price down towards 1.1940 support (Fibonacci retracement, horizontal overlap support).
RSI (34) has also made a similar bearish exit signalling that we are likely to see a strong drop from ehre.
Sell below 1.2223. Stop loss at 1.2371. Take profit at 1.1940.
Reason for the trading strategy (technically):
Price has finally broken a major support level at 1.2223 (Fibonacci retracement, horizontal swing low support) after breaking our long term ascending support-turned-resistance line. This has triggered a strong bearish exit from here that is likely to push price down towards 1.1940 support (Fibonacci retracement, horizontal overlap support).
RSI (34) has also made a similar bearish exit signalling that we are likely to see a strong drop from ehre.
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