EUR/USD testing major resistance, prepare for a drop


The price is now testing major resistance at 1.2309 (Fibonacci extension, horizontal swing high resistance, bearish harmonic formation) and a drop could occur at this level to push the price down to at least 1.2210 support (Fibonacci retracement, horizontal swing low support).

Stochastic (21,5,3) is seeing major resistance at 94% where a corresponding reaction could occur.

Sell below 1.2309. Stop loss at 1.2359. Take profit at 1.2210.


The material has been provided by InstaForex Company –


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