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JST94fx
Jul 5, 2020 3:31 PM

WK28, EURCHF, descending wedge Long

Euro Fx/Swiss FrancFXCM

Description

Daily analysis
Price has been in a descending wedge pattern for the past month.
Fri 3/7 saw a daily inverted hammer candle at the bottom of the wedge formation & this formed at a daily structure level.

4H analysis
Wait to see a clear break to the upside then a retest of a previous local SL/SH on the 4H or 1H timeframe.

Taking the fib retracement of this long bearish move - the 0.236 and 0.5 have good convergence with previous structure so could be good places for profit targets.

Trade closed: target reached

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