Short the Euro at .618 fib resistance level
The way that I count the waves, tells me that it has finished 5th wave and should fall. Eur is overall overvalued. Euro zone economy is not better than 5 or 6 months ago.
Conservative would be a break of the neckline, aggressive would be 61.8 with compounded neckline entry if applicable.
The common European currency has recently formed a narrow ranged ascending channel pattern against the Swiss Franc on the four hour charts. The reason for the formation of the channel was a rebound against a Fibonacci retracement level. Namely, after reaching a new high level the Euro began a retreat against the Swiss Franc and eventually plummeted in the second...
Important confluence area being entered with a large gap to the down side
eurchf long // .618 retracement held // wait for intraday high to break as confirmation on lower time frame // target 1 at previous high // target 2 wherever you want to run it to.
Inverted flag to follow. Breakout expected in coming days.
This the full review of the EUR/CHF pair. Updates will be posted from time to time, as the need arises for them. The common European currency recently stopped its short term decline against the Swiss Franc, as it found support in a medium term ascending channel. However, the rate still should decline. The reason for that is the fact that the currency rate has...
EurChf last week capitulated below the key area of support at 1.15558 before finishing the week criss-crossing the key area of 1.14482. Price is currently in the process of forming a Descending Triangle pattern indicating further declines in the EurChf next week. As long a price stays below the 1.14482 we will look towards the targets of 1.13594 and 1.12782 respectively.
Market 'faith' in SNB seems restored now. CHF's weakening, everybody's happy, Jordan is on the beach having a good one. But the obvious is obviously wrong. Weekly divergence has popped up again. CHF strengthening for no reason recently. All signs of an imminent retreat in EURCHF and other CHF pairs.
Potential bearish butterfly Confirmation below 1.1560 needed. Price above 1.1660 and confirmed would invalidate the pattern.
The gradual appreciation of the Euro against the Swiss Franc has resulted in the formation of an ascending channel. During the last trading sessions, the rate has demonstrated stickiness to the upper channel boundary, thus failing to reach the bottom line of the pattern. Nevertheless, the Euro is currently approaching the given line and is likely to reach it...
Was expecting a flat correction and a move to the upside, but it seems like the correction is not over yet. The pattern I am seeing now, is a Double Three correction with the middle wave in the making. Will be shorting this pair at the break of the trendline. Fib retracement levels should serve as targets.
A couple ways this can play out, as i've illustrated here. If current price action continues to get rejection along this trend line i'll enter a short with a target for for the support level below.
Price has bounced from the bottom of the range highlighted on the chart and has broken the downward sloping trend line forming a sideways corrective pattern (rectangular formation) clearing the way for longs to the first target at the top of the range.
Euro's game still strong and bullish - following the trendchannel waiting for a confirmation of a bounce back to the 62.Fibo-Level or for a breakout at the top Stay tuned!
Candlesticks analysis on the daily time frame suggests that this pair may want to go up for at least the next few days.
Short EURCHF @ 1.15; TP @ 1.12692, SL your choice