A trading opportunity to sell in EURCHFMidterm forecast:
While the price is below the resistance 1.1500, beginning of downtrend is expected.
We make sure when the support at 1.1320 breaks.
If the resistance at 1.1500 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis :
A peak is formed in daily chart at 1.1475 on 04/23/2019, so more losses to support(s) 1.1385, 1.1355 and minimum to Major Support (1.1320) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 61.
Trading suggestion:
There is possibility of temporary retracement to suggested Sell Zone (1.1430 to 1.1475). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.
We would set sell orders based on Daily-Trading-Opportunities and expect to reach short-term targets.
Beginning of entry zone (1.1430)
Ending of entry zone (1.1475)
Entry signal:
Signal to enter the market occurs when the price comes to " Sell zone " then forms one of the reversal patterns, whether " Shooting Star " or " Peak ", in other words, NO entry signal when the price comes to the zone BUT after any of reversal patterns is formed in the zone.
To learn more about " Entry signal " and special version of our " Price Action " strategy FOLLOW our lessons:
Take Profits:
TP1= @ 1.1385
TP2= @ 1.1355
TP3= @ 1.1320
TP4= @ 1.1225
TP5= @ 1.1160
TP6= Free
