EURCHF has broken above a trend line on the 4H chart & retested it from the other side.
We are now long in this pair waiting for a price increase from the current level.
Stops & profit levels are marked on the chart.
I'm analysing what I see on the chart of EURCHF (a pair that I do not trade). Overall there is much bearish pressure for the south coming from higher time frames. This presents much risk lower down the road. But all that matters is how loss is controlled, when trading between 15 min to 4H (for example). Lower time frames oscillate within envelopes of higher time...
Short opportunity, you can see price has touched our resistance line a number of times ( purple arrows ) price is currently at this level now and we can only see downside movement... so get on it and thank us later :p
Directional Bias For EURCHF Is Long.
Before entering the trade I would wait for break re-test of downtrend and a strong Bullish candlestick close (Daily)
However price could kiss trend-line and and carry on falling, but due to bullish momentum i believe this is the start of
a upwards trend.
Short EURCHF on pair trading at resistance level dating back to November, tested and failed to break 3 times this morning. Break out above 1.1360-65 and resistance is broken and time to go long. Targeting low 1.13 area on pull back
Potential sell entry on EURCHF at 1.1340
Stop loss can use 5/10/15 pips above the resistance-1 line 1.1346
Take Profit can use over the support-1 and support-2
Resistance-1 line 1.1346
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