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DLavrov
Nov 25, 2019 10:11 AM

EURCHF: Pullback from Resistance Zone Short

Euro Fx/Swiss FrancFXCM

Description

You can read about the sell opportunity from this market in the post, which is in the related ideas.

Again, I would like to explain why I decided to sell and placed pending orders using the 1H chart.
After the strong bullish candles, the market gave us several candles with small bodies and long shadows. It tells us that the upward movement is slowing down, and the market can reverse soon. If so, we should search for trend reversal signals using lower timeframes.

Also, it is very important that the price reached the resistance zone between 1.10000 and 1.10200 levels. This zone can stop the upward movement, and we will be able to get a pullback at least.
In order to get a confirmation that the market is going to move lower, the price will have to break the 1.09800 support and the low price of the previous candle.
Comments
moon333
great work like every time you do
Yuriy_Bishko
well done!
DLavrov
@Yuriy_Bishko, thanks!
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