EURCHF (Daily) SHORT IDEA: The Bearish ASCENDING TRIANGLE!
POTENTIAL PROFIT: SHORT UP TO 80 PIPS
TECHNICAL ANALYSIS:
-Since the end of November until the first week of May, the price has been following a strong downtrend (Confirmed by the price moving without breaking the EMA 50).
-The price reached then a main support level at about 1.05000, it retested that before breaking the ema 50. The price wasn't able the reach again the support level, in fact a strong bullish movement pushed the price up until it reached the main resistance level at about 1.08727.
-The main resistance level rejected the price inverting the trend;
on the 13th of July the price bounced on the new support level, starting now an uptrend.
The price actually seems to be not able to break yet the strong resistance level, but at the same time it's bouncing on different support levels on the bullish trendline (Possible bearish ascending triangle).
CONCLUSION:
The price is actually in a really high volatility period, it's quickly bouncing up and down. The resistance level at about 1.08625 rejected the price many times and I believe it could happen again after a short period of consolidation.
I would entry short after the breakout of the level at 1.08100.
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TECHNICAL ANALYSIS:
-Since the end of November until the first week of May, the price has been following a strong downtrend (Confirmed by the price moving without breaking the EMA 50).
-The price reached then a main support level at about 1.05000, it retested that before breaking the ema 50. The price wasn't able the reach again the support level, in fact a strong bullish movement pushed the price up until it reached the main resistance level at about 1.08727.
-The main resistance level rejected the price inverting the trend;
on the 13th of July the price bounced on the new support level, starting now an uptrend.
The price actually seems to be not able to break yet the strong resistance level, but at the same time it's bouncing on different support levels on the bullish trendline (Possible bearish ascending triangle).
CONCLUSION:
The price is actually in a really high volatility period, it's quickly bouncing up and down. The resistance level at about 1.08625 rejected the price many times and I believe it could happen again after a short period of consolidation.
I would entry short after the breakout of the level at 1.08100.
❤️If you enjoy my FREE Technical Analysis , let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
