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Monday, February 01, 2021

EURCHF: The price BROKE an interesting TRIANGLE PATTERN!

EURCHF: The price BROKE an interesting TRIANGLE PATTERN!

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🟒Forex Pair:

Technical Analysis:
Since the end of December 2020, the price has been moving creating an interesting descending triangle pattern and few rejections on the main support level at about 1.07400 and its dynamic trendile are an extra confirmation about the validity of that pattern.
Since the 15th of January 2021, the price has been consolidating for a couple of weeks, getting now strength enough to move up.
Yesterday it broke its dynamic trendline and the next price action around that level will be essential to understand the next market movement.

If you would like to have a quick look on my previous analysis, you can check the link below:


In the weekly time frame, I would say that the price is moving as a trend correction of a long and strong bearish market started since April 2018 and in the daily perspective I can see the price bouncing up and down between the support zone at about 1.07500 and the resistance zone at about 1.08700.
I'm confident to see the price moving up but I'll be waiting for a re-test of its dynamic trendline before planning my long position on this trade.

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Please note the views are not investment advice and should be used only for educational purposes⚠️

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