EUR/CHF: Second strong intraday reversal from key s/r zone

Chris Capre 2ndskiesforex

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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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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