Eurchfbreakout
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.
EUR/CHF Breakout Trade IdeaThis setup is very similar to our last EUR/CHF trade we entered below. I am trading the consolidation zone here. What I'm looking for is a breakout of the zone in either direction to enter a trade. This consolidation makes sense with all the upcoming news we will see this week. A push outside of this zone should hold and I'll look to enter whatever direction price takes. I don't have particular TP's in mind, instead I'll just adjust my stop loss as this pair moves.
EURCHF approaching major resistance, potential reversal
EURCHF is approaching major resistance at 1.1560 (Fibonacci retracement, horizontal pullback resistance, descending resistance) and a strong reaction could occur at this level to push price down towards 1.1455 support (Fibonacci extension, horizontal swing low support).
Stochastic (55,5,3) is seeing major resistance at 96% where a corresponding reaction could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
EURCHF approaching strong support, watch for a potential bounce!
EURCHF is approaching strong support at 1.1521 (Elliott wave structure, Fibonacci extension) and what could happen is that it takes out the stop losses below our wave 3 with a wave 5 movement. This would then lead to a potential bounce up to 1.1639 resistance (Fibonacci retracement, horizontal overlap resistance).
Stochastic (55,5,3) is seeing major support above 4.2% where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.