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EURCHF Forecast and Bullish Cypher Formation

EURCHF Forecast and Bullish Cypher Formation

Fundamentals: Euro is losing weight amid disappointing macroeconomic data and political turmoil. Swiss Franc is gaining weight as a safe haven asset.

Technically: As seen on the below Dail chart, the pair broke down 1.13500 support and ended the week at 1.13240. The pair ended the week in the lower Bollinger Band and below EMA 50. Bearish pressure will continue as long as the price stays below 1.13500. 

EURCHF DAILY CHART

Harmonic Overview and Trade Opportunity:

As seen on the H4 chart, the price is likely to continue to decline and test 1.13000 psychological support. A bullish Cypher pattern would be completed at 1.12980 and a Bullish Shark pattern completed at 1.12760. A technical correction is predicted between 1.12980 – 1.12760

The trade setup is:

Trade: Long

Time Frame: H4

Trade Period: Intraday / Midterm

Estimated completion time: 2-10 H4 Candlestick

The trend in the Timeframe: Bearish

The trend in the Daily Chart: Bearish

Trade Based On Bullish Cypher Pattern

The accuracy of the pattern: 93 %

Recommended Lot Size: 0.10 at 10K

Area of the Entry: 1.12980 – 1.12760

Stop Loss: Below 1.12600

Target 1: 1.13000

Target 2: 1.13350

Target 3: 1.13500

Note: Target will be updated according to entry-level and notification will be sent to the members.

You can follow the setup: EURCHF Bullish Cypher

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

EURCHF: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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