EURCHF is approaching resistance where we can expect a strong drop.
Sell below 1.1653. Stop loss 1.1685. Take profit at 1.1583.
Reason for the trading strategy (technically):
EURCHF is approaching its resistance at 1.1653 (horizontal pullback resistance, 23.6%, 38.2% Fibonacci retracement) and we expect price to drop to its major support at 1.1583 (horizontal swing low support, 76.4% Fibonacci retracement) which coincides with the long term ascending support line.
RSI (34) is also approaching its resistance, and Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
Sell below 1.1653. Stop loss 1.1685. Take profit at 1.1583.
Reason for the trading strategy (technically):
EURCHF is approaching its resistance at 1.1653 (horizontal pullback resistance, 23.6%, 38.2% Fibonacci retracement) and we expect price to drop to its major support at 1.1583 (horizontal swing low support, 76.4% Fibonacci retracement) which coincides with the long term ascending support line.
RSI (34) is also approaching its resistance, and Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.