Eurchf is going to be bearish this week, The reason for this are;
We can see it is on a weekly zone and its finding it difficult breaking the weekly AOI.
There has been multiple rejections on the Daily timeframes.
We can see a strong 4hour engulfer on the daily zone after a massive spike towards the upside.
This has a 70% possibility of going long and the reason are:
There was a strong rejection on the daily AOI
All timeframes are Bullish (Weekly, Daily and 4hour)
We can see a strong bullish Engulfer on the 4hour timeframe.
We can also see a strong Bullish Engulfer on the 30mins timeframe.
The reason I'm going short is because all Timeframes are bearish.
There was a strong rejection on the daily AOI
There was a strong bearish candlestick on the 4hour and it still hasn't being engulfed yet.
The reason I'm going long is because All of the time frames are bullish (Weekly, Daily and 4 hour).
It failed to break the Daily support.
There was a 4 hour engulfish candlestick on the Daily AOI hence making it a high probability to continue long.
The trade was taken on a Thursday (good trading day)
The reason is the Weekly, Daily and 4hour timeframes are bullish. and the previous daily candle stick rejected the daily Area of Support and turned it to a resistance.
I can also see an Engulfing bullish 4hour candlestick hence the reason I'm confident this will be a great trade no matter the outcome
The reason is the Weekly Timeframe is currently bullish so is the daily timeframe, We can also see that price is currently on a strong Daily support zone. I believe it will push further long
The reason is its bullish on the Weekly and Daily timeframes. so far the daily timeframe resistance has held it for more than 6 trading days. we see no reason to sell at this moment
