EURCHF: What Goes Up, Must Come Down
I like to keep my analysis as clean and simpe as possible so here we go. The EUR been falling against the CHF for quite some days now. Its obviously bound to make a correction (retracement). As you can see the 1.70 area been holding. Pulling out fibs and drawing some support/resistance we can see some strong confluence up there @ that 1.13 zone. That would be your exit.. For entry, we can see a nice inverted head & shoulders pattern complete with the break and retest of its neckline on another key support/resistance level. I must add, that 1.13 zone was the last zone that has not been retested after breakout. and if you go even lower time frame (1hr) it was a (W) pattern with a nice break & retest acting as the last shoulder on the 4 hour pattern.
CHECK attached LINK for 4HR CHART
CONFLUENCE
Confirmations to ENTER
1. support/resistance
2. inverted head and shoulders
3. break + retest of neckline while next candle still closing above it.
Confirmations to Exit.
1. daily supply/demand zone
2. support/resistance
3. trendline
4. 61.8 fib retracement
CHECK attached LINK for 4HR CHART
CONFLUENCE
Confirmations to ENTER
1. support/resistance
2. inverted head and shoulders
3. break + retest of neckline while next candle still closing above it.
Confirmations to Exit.
1. daily supply/demand zone
2. support/resistance
3. trendline
4. 61.8 fib retracement
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