Long EURCHF Longterm based on 4H - 1M Charts

We can see the EURCHF is nearing a major support level and if we look at the 1W + 1M charts, we can see sellers are slowly diminishing and momentum is changing in favour of buyers, however we may see this manage a leg lower before price can move up. A conservative entry would be to wait for a break of the downtrend line, whilst staying above the uptrend line and closing above it.

I have set a wide stop on this, however, my personal approach will be more aggressive with a tighter stop loss and my first target will the resistance level marked out.

This research is for informational purposes and should not be construed as personal advice. Trading any financial market involves risk. Trading on leverage involves risk of losses greater than deposits.

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Comment:

So we're 12 days into this trade and have just passed 100 pips profit. I am now closing 1 of my positions and have moved my second position to break even.

Trade closed: target reached:

Wow this has been a very slow 100 pips for me. I closed my first position with 100 pip profit on 29th of June and I am now closing my second position at 109 pip profit. A total of 209 pips banked in 15 days from a single trade with 2 positions.

Note for the greedy: I believe we're overbought and expecting a decline from here, however on the weekly TF there is room for another leg up so it can still hit the calculated TP I had set.