Price breaks and retested broken support level that lined up with H4 moving averages and 50.0 Fib ratio. . This swing is also a possible Wave 4 of ending diagonal wave and price has the potential to move down towards the support zone & -27.0 Fib area to complete the Wave 5. . Price has also made a daily bearish engulfing candle and inside candle which are further confirming the bearish potential. . We will look for the breakout of the corrective structure CTL for entry. . Safe trading!
Great idea on EURCHF, glad that we have the same bearish bias. Please take a look at our idea and let us know what you think.
Veejahbee
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@FXCM-EDU, Thanks for your comment. I'm glad we had the same view on this setup. Your sell entry and stop placement are superb.
We have had a break of the counter trend line and an exhaustion move that retested the CTL. We could see price making new low soon.