The bias is bearish while the price remains above 1.0647. It is important to watch the closing price of H1, H4 and Daily candles. If the price closes above 1.0593 on these three timeframes, the bearish outlook will no longer be valid.
Disclaimer: The analysis presented in this article is for educational purposes only and should not be considered as financial advice.
This analysis was done using MetaTrader 4.
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Trade Idea Details:
Key support levels: 1.0540, 1.0477, 1.0375
Key resistance levels: 1.0582, 1.0647
EUR/CHF confirmed the validity of the downtrend, while the price remains below the 200 Exponential and Simple moving averages. The same can be seen on multiple timeframes. Lower highs and lower lows are being printed, while there are no confirmations on a potential trend reversal at this point.
EURCHF Weekly Chart
EURCHF H4 Chart
EURCHF H1 Chart
Potential Trade Idea: while the price is ranging between 1.0580 resistance and 1.0540 support, shorting EUR/CHF could be a good idea, considering a strong bearish sentiment. Ideally, the price must be near the resistance level, in order to reduce the risk. There are two downside targets, first is 161.8% Fibonacci level at 1.0478, and the second is at 261.8% Fibonacci at 1.0375.
- Potential StopLoss at 1.0680 (or if 1h, 4h, and Daily candles closes above 1.0593)
- Potential TakeProfit at 1.0375
EUR/GBP Buy Trade Idea – March 9th 2020