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EUR/CHF: The sellers to wait for a bearish reversal at a key level

EagleFX

EUR/CHF has been bearish on the daily chart for the last three days. Yesterday’s candle came out as a bearish candle as well. The H1 chart shows that the price made a breakout at yesterday’s lowest low. As of writing, the pair is trading below the level. It may make a bullish correction. If the breakout level produces a bearish reversal candle, the sellers may get an opportunity to go short in the pair.

Chart 1 EUR/CHF H1 Chart


The chart shows that the price has been heading towards the South by having a bullish correction. Yesterday, it had a bounce at 1.07280 and made a bullish correction. The price breached through the level and traded below it for several H1 candles. If the price goes back to the breakout level and produces a bearish reversal candle, the sellers may go short below the level of 1.07040.

Trade Summary:

Entry: Sell below 1.07040

Stop Loss: Above 1.07280

Take Profit 1: 1.06800

Take Profit 2: 1.06720

Take Profit 3: 1.06600

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