EUR/CHF: Second strong intraday reversal from key s/r zone
|Price Action Context
For roughly 3 months the EURCHF was ranging within a 150-pip corrective structure until price eventually broke out to the downside. The break of the bottom of the range has since been followed by a slow corrective pullback, indicating that short-term the bearish order flow is dominant.
Trending Analysis
Mid-term bias changed to bearish after the break lower and should bears be able to successfully defend this broken S/R zone as resistance, there is potential for a 100+ pip move south towards the next key support zone. The current pullback into the broken support now acting as resistance can offer potential shorting opportunities for traders looking to sell the EURCHF.
Closest Support & Resistance Zones
Resistance: 1.0720 – 1.0750
Support: 1.0600 – 1.0620
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