Forex Trading Library

EURCHF – Breaks the Head and Shoulders

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Monthly: Trading within a bullish channel formation. Levels close to the trend line support at 1.1155 found buyers. Previous resistance of 1.1199 (from February 2016) became support. We are likely to post a bullish Outside Candle on the monthly timeframe.

Weekly: A bullish 5-wave pattern completed at 1.2005. A corrective 3-wave pattern (corrective) can be noted to the downside stalling between the 50 and 61.8% Fibonacci pullback levels (of 1.1313 and 1.1150). A double bottom will be confirmed with a move through 1.1501

Daily: Broken out of the Head and Shoulders formation to the upside. The measured move target is located at 1.1505. The intraday chart has posted an exhaustion count, so our preferred trade is to buy into dips.

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