Forex Trading Library

EURCHF – AB=CD located at the 61.8% pullback level

2 230

Monthly: EURCHF has staged a strong recovery since posting a low in January 2015. The rally has stalled, and a reversal posted from levels close to the 78.6% Fibonacci pullback of 1.2010. June posted an indecisive Inside Bar with all trading in the lower half of the May candle range. Marabuzo resistance (mid-point from the open and close) is located at 1.1745

Daily: We look for a bearish 5 wave Elliott wave count to be completed at 1.3668. Immediate price action to the upside has been mixed and volatile, common in corrective formations. Trend line resistance, and a possible right shoulder in a bearish Head and Shoulders formation, is located at 1.1704. A full AB=CD formation takes the cross to the 61.8% pullback level of 1.1761. Bespoke resistance is located at 1.1646 resulting in risk/reward being poor from current levels. We look to buy dips

Leave A Reply

Your email address will not be published.