EURCHF | Bulls fail to hold 1.1060, more downside likely
We saw the 1.1060 level tested towards the second half of June with price mounting a 100 pip rally in response.
Less than a month later, price was back knocking on 1.1060's door. Finally, on Friday, the level failed.
Now, if you like to follow price around like I do, you were shorting last week already. But if you haveb't been following the trend, you're in luck because it doesn't appear as if the fun is over.
While price closes below 1.1060 on the daily charts, I'm bearish. So I'll be selling rallies. Ideally, looking for retraces on the 4- or 1-hour charts in the form of channels, giving me an ideal spot to place my stops.
Less than a month later, price was back knocking on 1.1060's door. Finally, on Friday, the level failed.
Now, if you like to follow price around like I do, you were shorting last week already. But if you haveb't been following the trend, you're in luck because it doesn't appear as if the fun is over.
While price closes below 1.1060 on the daily charts, I'm bearish. So I'll be selling rallies. Ideally, looking for retraces on the 4- or 1-hour charts in the form of channels, giving me an ideal spot to place my stops.