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.
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:
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