EURUSD dropped almost 90pips yesterday. Currently in Asian trading hours (2 hours before London Open), the price is at Fibonacci retracement 61.8% level of yesterday’s HIGH and LOW.
So if you are bear, this could be the sell zone. Stochastic is also giving us the permission.
For this short trade, the target should be 1.0857 (Fib 61.8% predicts Fib extension 138.2%).
As usual, please look for the reversal price action in M5 or M1 to enter the trade.
YJ Baik – Forex.Today @ Tokyo