EURCHF has been choppy on the daily chart for a few days. Yesterday’s daily candle came out as an Inverted Hammer, which makes the H4 chart looks bearish. The price after finding support has been on the correction. A level of flipped resistance holds the price. If the level ends up producing an H4 bearish reversal candle followed by an H4 breakout at support, the sellers may find an opportunity to go short on the pair. Let us have a look at the H4 EURCHF chart.
This trade idea was generated by our powerful Elite Swing Trader System.
Free Forex Trade Signals EURCHF – 5th Nov 2019
The chart shows that the price headed up to the level of 1.09825 with good selling pressure. It then produced a bullish engulfing candle followed by another bullish candle. However, the level of 1.10020 holds the price, which has the potential to produce an H4 bearish reversal candle. If that happens, an H4 breakout followed by an H1 bearish engulfing candle on consolidation will be the signal to take a short entry. Let us have a look at the summary of the trade…
- Sell Stop order: 1.09847
- Stop Loss: 1.10149
- Take Profit: 1.09490
Most of the pairs were choppy last week. It may have been because of the month ending week ahead of NFP. Some pairs made a good move yesterday. I assume that from today many other pairs will make a move as well. The next five/six weeks may be action-packed. Big investors will love to end the year with another profitable month. Let us concentrate hard on trading to grab those opportunities.
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