PAIR IN FOCUS: EURCHF
POTENTIAL ACTION: SHORT
Observing the broader picture on the Daily and Weekly charting, price is moving in a descending triangle pattern.
There are 2 areas to look for shorts in this setup, first area is a short near @ 1.13100 area, and the second area @ 1.13400 area.
First area is in focus due to resistance from previous candle lows, and confluence in 2 separately drawn fibonacci retracements (confluence of 0.382 and 0.50).
Second area in focus due to the critical zone, and nearing the upper bound of the pattern formation.
Targets are indicated with a purple line, with price potentially hitting the lower bound of the pattern @ 1.11930 range (Ext. TP).
Always look for rejection and confirmation of either first focus area or the second before any entry.
POTENTIAL ACTION: SHORT
Observing the broader picture on the Daily and Weekly charting, price is moving in a descending triangle pattern.
There are 2 areas to look for shorts in this setup, first area is a short near @ 1.13100 area, and the second area @ 1.13400 area.
First area is in focus due to resistance from previous candle lows, and confluence in 2 separately drawn fibonacci retracements (confluence of 0.382 and 0.50).
Second area in focus due to the critical zone, and nearing the upper bound of the pattern formation.
Targets are indicated with a purple line, with price potentially hitting the lower bound of the pattern @ 1.11930 range (Ext. TP).
Always look for rejection and confirmation of either first focus area or the second before any entry.
Note
Trade did not trigger as price dipped even before hitting first area. Both TP 1 and 2 were reached and price is looking to reach Ext. TP as well
Note
Ext. TP HIT! Observe if there will be a breakdown or rebound back into the pattern
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.