Tickmill
Long

EURCHF approaching strong support, watch for a potential bounce!

FX:EURCHF   Euro / Schweizer Franken

EURCHF             is approaching strong support at 1.1521 ( Elliott wave structure, Fibonacci extension ) and what could happen is that it takes out the stop losses below our wave 3 with a wave 5 movement. This would then lead to a potential bounce up to 1.1639 resistance ( Fibonacci retracement , horizontal overlap resistance).

Stochastic (55,5,3) is seeing major support above 4.2% where a corresponding bounce could occur.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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