EURCHF has been bearish on the daily chart. The pair produced a strong bearish candle yesterday. Thus, the H4 chart looks bearish. The price has been having a bullish correction. It may produce a bearish reversal candle at the last significant breakout level. If that happens, the sellers may get an opportunity to go short and grab some green pips. Let us have a look at the H4-EURCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System on a H4 time frame.
EUR/CHF Daily Price Forecast – 19th Dec 2019
The chart shows that the price has been heading towards the South with good bearish momentum. On its way, it made a breakout at the level of 1.09090 and traded below the level for a while. It has been heading towards the level again. If the level produces a bearish reversal candle and the price makes an H1 breakout at the level of 1.08900, it may head towards the level of 1.08615 without having that many pauses. Let us have a look at the trade summary…
- Sell Stop @ 1.08920
- Stop Loss @ 1.09187
- Take Profit @ 1.08670
The level that we are going to wait to produce a bearish reversal candle is a crucial level. If the level is breached by an H4 candle, the price may get bullish instead. Minor intraday charts’ traders may take long entries at value areas and push the price towards the North. Thus, sellers are to watch the price action around this area very carefully. Since it is the holiday season, minor intraday charts’ traders most likely dominate over the major charts’ traders.
For more trade ideas, join the Price Action Society…
If you like our analysis and would like to receive 3 to 7 trade ideas per day, then
Click here to learn more about the Price Action Society.
The post EUR/CHF Daily Price Forecast – 19th Dec 2019 appeared first on Advanced Forex Strategies.
from Advanced Forex Strategies
No comments:
Post a Comment