I have opened short position on $EURCHF - Price broke (closed below) DC20 and MA200 on 4H close to day-end. Ths suggests with a high probability that price will close below MA50 on 1D TF + has broken (closed below) DC20 already to the downside yesterday. I expect the broad downtrend to continue. RSI will be likely to close below 40 on the daily TF - bearish.
The outlook of the market is bearish if looking at the weekly TF. MA50 has crossed MA200, price broke DC20 multiple times to the downside.
TP is next major weekly support - above 1.06249.
SL if daily closes above 1D DC20 and MA200.
As the trade is driven by 1D TF with the weekly outlok it may take some weeks to evolve. This is the time horizon to consider.
Any comments are more then welcomed! Please trade carefully and with money only you can afford to lose. Thank you!
The outlook of the market is bearish if looking at the weekly TF. MA50 has crossed MA200, price broke DC20 multiple times to the downside.
TP is next major weekly support - above 1.06249.
SL if daily closes above 1D DC20 and MA200.
As the trade is driven by 1D TF with the weekly outlok it may take some weeks to evolve. This is the time horizon to consider.
Any comments are more then welcomed! Please trade carefully and with money only you can afford to lose. Thank you!
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