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EUR/CHF: The buyers waiting for a bullish reversal candle


EUR/CHF produced a bullish candle in the daily chart yesterday after producing four consecutive bearish candles. The H4 chart shows that the price made a bullish move at a moderate pace and had a rejection at 0.06815. The pair produced two consecutive bearish candles. As of writing, the price has been bullish in the last H4 candle. If it comes out as a reversal candle, the buyers may go long in the pair.

Chart 1 EUR/CHF H4 Chart

The chart shows that the price had a rejection at 1.06850 and produced two bearish candles. The second candle closed within 1.06650. The level has been holding the price and pushing the price towards the North. If the current candle comes out as a bullish reversal candle, the buyers may go long above the level of 1.06850. The price may find its next resistance around 1.07160. If that gets breached, it may head towards the level of 1.07635 with strong bullish momentum.

Trade Summary:

Entry: Buy above 1.06850

Stop Loss: Below 1.06650

Take Profit 1: 1.07160

Take Profit 2: 1.07415

Take Profit 3: 1.07635

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