Update for EURCHF pair. The market is nicely retracing from a key daily structure resistance.
Analyzing a price action on multiple time frames, I see 2 potential scenarios:
Bullish If the price breaks 0.979 - 0.982 daily supply area and closes above that I will expect a bullish continuation to 0.987 / 0.9915 levels.
Bearish The market is trading in a global bearish trend and may drop from the underlined blue resistance. To catch a trend-following trade from that, watch a triple top formation on 4H time frame. 0.9755 - 0.9765 is its horizontal neckline. If the price breaks and closes below that on 4H, I will expect a bearish move to 0.9727 / 0.9711 levels.
Breakout will clarify the future direction of the pair, so be patient and wait.
What scenario do you expect?
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Personally, I stick to the bullish scenario. If we look at the weekly timeframe, we will see that the price is at 7 year lows, if we remember the basic principle of speculation "buy low, sell high" it becomes obvious that this is a good opportunity to buy in the medium term.
JoeChampion
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Excellent one, i think we will hit 0.95 due to the upcoming EUROPE recession!