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EUR/CHF: Breakout at yesterday’s lowest low, what is next?


EUR/CHF produced a long bearish candle in the daily chart yesterday. The chart shows that the price has been heading towards the South at a moderate pace. Thus, the H1 chart has been bearish biased, as well. The price made an H1 breakout at yesterday’s lowest low. As of writing, the current H1 candle has been bullish. The price may make a bullish correction. If the price produces a bearish reversal candle at the breakout level, the sellers may get an opportunity to go short in the pair.

Chart 1 EUR/CHF H1 Chart

The chart shows that the price made a breakout at the level of 1.06220. This is the level where the price had a bounce yesterday. Thus, the sellers may wait for the price to go back at the breakout level and produce a bearish reversal candle to go short in the pair. Since the pair has been bearish in the daily chart and the daily chart’s support offers the price to travel towards the South further, so the next H1 bearish wave may come out as a long wave.

Trade Summary:

Entry: Sell below 1.06165

Stop Loss: Above 1.06200

Take Profit 1: 1.06070

Take Profit 2: 1.06030

Take Profit 3: 1.05965

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