EURCHF approaching resistance, look out for potential reversal!
EURCHF is approaching its resistance at 1.11463 where it is could reverse down to its support at 1.10905.
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Eurchfforecast
The last rise did not hold #EURCHFAbout two months ago the eurchf dropped and touched major support (200 Moving average line) and returned to the upside, but the rallies did not hold up and the market returned to the downside, the nearest target to which the eurchf is going is probably again the Moving average 200.
Take profit: 1.1160
ELLIOT WAVE: EURCHF SET TO EXTEND HIGHER IN THE LARGER CYCLEHi Traders,
The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B.
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The correction also finds support with a bullish pin bar at a key horizontal support level that lined up with 61.8% Fib of the impulsive move. If the count is correct, a 5-3 wave cycle is completed, and the price can be expected to resumes in the direction of the impulse according to the theory.
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What does this mean for the EURCHF? The price is expected to extend higher in a five-wave pattern in wave 3/C. A target above wave 1/A high is plausible in the mid-term.
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Do you like this Elliot Wave Analysis? Kindly leave a comment.
Thanks for reading!
Veejahbee.
ELLIOT WAVE: EURCHF SET TO EXTEND HIGHER IN THE LARGER CYCLEHi Traders,
The rally on EURCHF from the major low at 1.11621 took the form of Elliot wave impulse structure, labelled (i)-(v). According to the Elliot Wave theory, a three wave retracement follows every impulse move, in the EURCHF's case, the decline from wave 1/A high unfolded as a three-wave (a)-(b)-(c) zigzag pattern in wave 2/B.
.
The correction also finds support with a bullish pin bar at a key horizontal support level that lined up with 61.8% Fib of the impulsive move. If the count is correct, a 5-3 wave cycle is completed, and the price can be expected to resumes in the direction of the impulse according to the theory.
.
What does this mean for the EURCHF? The price is expected to extend higher in a five-wave pattern in wave 3/C. A target above wave 1/A high is plausible in the mid-term.
.
Do you like this Elliot Wave Analysis? Kindly leave a comment.
Thanks for reading!
Veejahbee.
Euro / Swiss Franc EURCHF to SELLMarket getting ready to change trend for a sell.
RSI signalling overbought at 75 reading.
Get in on buy and enjoy your profits.
Market often forms a double top/bottom to signal trend reversal so look out for that.
Warning; trading comes with risks, trade safely and within reason. All charts to be used for guideline purposes.
Possible Short for EURCHFPossible short position for EURCHF. Price is currently moving below both the 50 and 200 EMA , thus indicating a short bias. Price is currently in a huge downtrend spanning for the past few months as you can see with the trend line channel. I have put in a risky short position with a 35 pip stop loss to compensate for the already occurring downtrend so we can survive the likely retrace to the upside. Take profit is at 60 pips. FX:EURCHF