Entered a Euro trade

Sold EUR/USD at 1.2863

SL : 1.2905

TP : 1.2797

Why?

Looking at the 4-hour chart, I noticed a definite range on the EUR/USD, where a strong resistance seems to be holding at 1.2903 and a strong support seems to be holding at 1.2609.  As I’m bearish Euro, I was definitely looking at entering a sell position around 1.2900 region.

Entry strategy?

Looking at the 15-minutes chart, I saw the moving averages crossed downwards below 1.2900 and MACD and Stochastic look bearish as well. This gave me a good reason to sell at spot.

Exit strategy?

Again looking at the 15- minute chart, today’s high seems to be holding up as a strong resistance, so if this breaks, a breakout could be possible. So I’m placing a stoploss just above that level. The initial take profit level I’m looking at is near yesterday’s low, that looks like a strong support level.

Hope this trade goes well!!

FxTaurian