EURCHF Bearish Continuation or will it change ?
EURCHF
-> Possible to move lower if we break 1.06350 price area.
-> Possible triple bottem forming if we hold 1.06350
Bearish Perspective: Need to see a clear break of the 1.06350 price area, followed by a valid bounce and retest of this price area. CHF shows upcoming strenght at multiple currency pairs.
Bullish Perspective: Need to close above 1.06350 price area. Followed by a clear 4-Hour intra-day trendline break and retest.
Watching this closely upcoming week.
Safe trading.
-> Possible to move lower if we break 1.06350 price area.
-> Possible triple bottem forming if we hold 1.06350
Bearish Perspective: Need to see a clear break of the 1.06350 price area, followed by a valid bounce and retest of this price area. CHF shows upcoming strenght at multiple currency pairs.
Bullish Perspective: Need to close above 1.06350 price area. Followed by a clear 4-Hour intra-day trendline break and retest.
Watching this closely upcoming week.
Safe trading.
- The market failed to close below 1.06350 key support.
- The market broke out of the descending trendline, confirming bullish strenght and a possible change in trend. If the market can stay and hold above the 50 EMA, there is a high chance that we will move higher towards the 200 EMA.
- As long the market stays above the trendline & the keylevels 1.6850/1.7000 I am definitely bullish.
Quick tip: try to look at multiple currency pairs to get the right picture of one currency, for example: In this case, try to look at how the EURO is doing and the CHF against multiple currencies.
Safe trading. Just sharing my opinion.