Price has been slowly crawling up for more than 5 months now and bearish divergence can be seen on RSI 14. 3rd touch of the trendline on RSI 14 could prove that it's time for price to head down. If it successfully breaks out of rising wedge, I would have my 1st TP at blue rectangle area. ECB press conference coming on 25th January could be a catalyst for downside in Euro.
Trade active:
Shorted
Comment:
Trade has been going well so far. Let's see if price bounces off or breaks ascending trendline.
Comment:
CHF and CAD pairs tend to move slower as compared to other currencies. We need to have patience on this one. This is a long-term set-up. We could see upcoming ECB conference help accelerate price movement to the downside. "Buy the rumour, sell the facts." as the saying goes.
Comment:
Price is well below trendline now. If daily candle closes below, expect HUGE downside movement to come in this pair. Blue zone is the first area where I'll be taking profits, and then subsequently trail and also look to re-enter if a good opportunity arises.
Comment:
Price is on its way to first target
Trade closed manually:
Price rejected support line as seen on daily timeframe. I have exited this pair with good profits. Let's wait and see for now..
Comment:
Price is currently consolidating on H4 as it seems. Will look for further opportunities to short this pair.
Comment:
Will be looking to short this pair in the coming week
