Hi traders,
The EURCHF reversed from weekly support and broken out of descending trendline and key resistance level.
.
Currently, the price is making a bearish correction to retest the broken resistance level that lined up with moving averages and 50.0 Fib ratio level as support.
.
EURCHF bearish correction which unfolding as ABC zigzag pattern is probably a wave iv "black" of a larger impulsive wave (iii) "brown."
.
We will wait for the price to complete the correction at our confluence level and look for a breakout of the blue CTL for a long entry.
.
Price has the potential to move higher and complete impulsive wave v "black." The main target is -27.0 FE that lined up with resistance level as projected on the chart.
.
Thanks for reading!
The EURCHF reversed from weekly support and broken out of descending trendline and key resistance level.
.
Currently, the price is making a bearish correction to retest the broken resistance level that lined up with moving averages and 50.0 Fib ratio level as support.
.
EURCHF bearish correction which unfolding as ABC zigzag pattern is probably a wave iv "black" of a larger impulsive wave (iii) "brown."
.
We will wait for the price to complete the correction at our confluence level and look for a breakout of the blue CTL for a long entry.
.
Price has the potential to move higher and complete impulsive wave v "black." The main target is -27.0 FE that lined up with resistance level as projected on the chart.
.
Thanks for reading!