The EURCHF pair is in the range between 1.14750 and 1.12690. Current price is at the top of the range, which has been a resistance previously and the RSI is also in overbought area, which gives an opportunity to short EURCHF.
There could be a strong support at 1.13300 area, which is also a Monthly Pivot Point and a round number. But there is no significant historical support area in near sight. This gives me additional confidence, that the price would move towards bottom of the range.
The trade setup itself is intact and still valid. The price did not break above MR1 at 1.14760 area and did start to move downwards.
The trade itself unfortunately hit a SL at 1.14782 as the high was 1.14922. The RSI is still overbought and Friday candle is more of a
indecision/reversal at key level. I'm still confident of the down move towards MS1 at 1.12550 area.
The trade itself unfortunately hit a SL at 1.14782 as the high was 1.14922. The RSI is still overbought and Friday candle is more of a
indecision/reversal at key level. I'm still confident of the down move towards MS1 at 1.12550 area.