FX.co ★ EURUSD reacting below descending trendline resistance. Drop incoming!

EURUSD reacting below descending trendline resistance. A further drop below key 61.8% Fibonacci retracement and 1st resistance at 1.18988 towards recent swing low and 1st support at 1.18674 could be possible. Stochastic indicator reacting below resistance as well.

Trading Recommendation

Entry: 1.18988

Reason for Entry:

61.8% Fibonacci retracement, descending trendline resistance

Take Profit: 1.18674

Reason for Take Profit:

Graphical swing low

Stop Loss: 1.19106

Reason for Stop Loss:

Graphical swing high