EUR/USD: Bearish Reversal Potential at Fibonacci Level

EUR/USD daily chart provides a nice short opportunity. The pair recently experienced a retracement as part of an extended downtrend, reaching the 70.00% Fibonacci retracement level and facing resistance at the 1.09957/1.09947 level. A confluence of technical variables in this way can serve as a potential reversal point and resumption of the underlying bearish trend.

Trading Strategy:

Entry: Sell short EUR/USD at or near the prevailing price (1.08361) on confirmation of bearish price action such as a rejection candle off the resistance point.
Stop Loss: Place a stop-loss order above the new high (1.12142) or at a judiciously chosen resistance level to manage risk.
Take Profit: Look for the following support levels as probable take-profit points:
1.07323
1.07286
1.06794