EURCHF - BUY IDEA

Analyzing the EURCHF 15-minute chart, we're observing what appears to be an Elliott Wave pattern unfolding. The completion of wave (3) suggests that the market has moved into a corrective phase. The current pattern implies that wave (4) may be in development, with a potential to reverse at Fibonacci retracement levels like 0.382 at 0.97761 or 0.5 at 0.97803.

Such corrective waves offer potential entry points for traders who are anticipating the start of wave (5), which would resume the prior trend. However, the volatility of the forex market, especially with a pair like EURCHF that is sensitive to European and Swiss economic indicators, requires close monitoring of news and economic releases.

As wave (4) develops, I’ll be looking for signs of stabilization or reversal indicative of the commencement of wave (5). It’s essential to employ prudent risk management tactics, such as setting stop losses and sizing positions appropriately, to protect against unexpected market swings. Let's watch how this correction plays out, ready to capitalize on the next impulsive move.

Trade closed: target reached