EURCHF - Rounding top, Fib confluence & AB=CD possibly underway
Looking for a Short trade here on the EURCHF - H1 chart. We've recently been tracing out a sort of rounded top formation which I feel may be an indication that we might be headed lower here on this pair.
If we measure out the larger Fib retracement of the previous move up, and a Fib extension of the initial move down that followed, we can see that the 61.8% & 127.2% levels are pretty much at the same area of the chart giving a nice little bit of confirmation. We can also measure out an equal measured move (AB=CD) from the high of the move up and you can see that the AB=CD would also end up completing around that same level. Could potentially be a nice R:R trade down to an area where we may see renewed buying pressure.
If we measure out the larger Fib retracement of the previous move up, and a Fib extension of the initial move down that followed, we can see that the 61.8% & 127.2% levels are pretty much at the same area of the chart giving a nice little bit of confirmation. We can also measure out an equal measured move (AB=CD) from the high of the move up and you can see that the AB=CD would also end up completing around that same level. Could potentially be a nice R:R trade down to an area where we may see renewed buying pressure.
Trade active:
I'm short here at 1.4000
Trade closed: stop reached:
ECBizzle