EURCHF decelerating at ResistanceHello guys, this is my first published Idea.
This is one of my favorite setups, a double top with deceleration at strong resistance. The EUR gained strength against the CHF however it seems that the bears will soon begin taking over.
Looking at the higher timeframes such as the weekly and monthly, price is still overall bearish. Keep in mind that the recent bullish trend we've seen on the daily is just a pullback on the monthly.
Price has now come to retest the 1.15 level which also coincides with the weekly 0.618 fibonacci retracement level. Adding to our confluence stack price is also decelerating, formed a hightest and furthermore we have massive bearish MACD divergence. This is enough confluence for me to short this pair up to next support. I would advise to protect your stop above recent price action.
Only trade up to 1.5% of your account per trade.
Happy trading!
