Eurchfsignal
EURCHF BULLISH CONTINUATION SETUPHi traders,
The EURCHF reversed from weekly support and broken out of descending trendline and key resistance level.
.
Currently, the price is making a bearish correction to retest the broken resistance level that lined up with moving averages and 50.0 Fib ratio level as support.
.
EURCHF bearish correction which unfolding as ABC zigzag pattern is probably a wave iv "black" of a larger impulsive wave (iii) "brown."
.
We will wait for the price to complete the correction at our confluence level and look for a breakout of the blue CTL for a long entry.
.
Price has the potential to move higher and complete impulsive wave v "black." The main target is -27.0 FE that lined up with resistance level as projected on the chart.
.
Thanks for reading!
EURCHF (1D): EUR Event PlayEURCHF
Timeframe: 1D
Direction: Short
Confluences for Trade:
- Bearish candles formation
- Price rejected Resistance Trendline (since May 18)
- Horizontal Resistance Trendline (38% Fibo level) strong
- Price broke the Short Term Trendline (since Sept 18)
- Stochastic Overbought momentum
- Fundamentally, Italy supposed to provide EU with a revised budget this coming Tuesday but from the likes of it, unlikely there would be any revision. The continuation of this budget issue will only make Italy's budget deficit worse with the Italian bond yields spiking higher.
Suggested Trade:
Entry @ Area of Interest 1.1370 - 1.1430
SL: 1.1497
TP: 1.1191
RR: Approx. 2.00 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.
EURCHF ShortThe movement of eur prices has been corrected and followed by the trigger volume which causes the price to move according to the trigger related. Therefore, the anticipation of buy or buy limit can be applied to this pattern. If the price has passed the lower limit then the pattern will be invalid.