We are now seeing price test major resistance at 1.0980 (multiple fibonacci extensions, Elliott wave theory) and we expect a drop from this level to at least 1.0880 support (Fibonacci retracement, horizontal swing low support).
Stochastic (55,5,3) is also seeing major resistance below the 95% level where we expect a drop from.
Correlation analysis: EUR/USD has a strong negative correlation with USD/CHF which means they usually move in opposite directions. We are expecting a drop on EUR/USD and similarly USD/CHF which means it is best to exercise caution on this trade.
Sell below 1.0980. Stop loss at 1.1033. Take profit at 1.0880.
Stochastic (55,5,3) is also seeing major resistance below the 95% level where we expect a drop from.
Correlation analysis: EUR/USD has a strong negative correlation with USD/CHF which means they usually move in opposite directions. We are expecting a drop on EUR/USD and similarly USD/CHF which means it is best to exercise caution on this trade.
Sell below 1.0980. Stop loss at 1.1033. Take profit at 1.0880.
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