Bearish continuation EURCHF for the week of 28 Mar 2022
This pair has been bearish for a whole year now and I don’t see any reason for this to change soon. As the daily chart shows, price broke below a major support (1.0325) and I am looking for a pullback to this area and the bearish PA to resume.
If this happens, we can have a nice 2.8R trade down to the next support in the 1.001 area. A word of caution though – we cannot rule out the possibility of a trend reversal in progress. Wait for bearish evidence before committing to a trade.
Also bear in mind the Russia/Ukraine crisis and the possibility of sudden spikes in case of any major events in that arena.
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Always use sound money and risk management in all your trades.
If this happens, we can have a nice 2.8R trade down to the next support in the 1.001 area. A word of caution though – we cannot rule out the possibility of a trend reversal in progress. Wait for bearish evidence before committing to a trade.
Also bear in mind the Russia/Ukraine crisis and the possibility of sudden spikes in case of any major events in that arena.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.
Trade active:
We got the pullback and the down move resumed as I anticipated. We are on the way to my target. Perhaps this week we will achieve it or most of it, so I can close this with a nice profit.