Hello Traders, CHFEUR is showing a similar pattern. The wedge is much more extended in this case, and the pair has to make a move to break it in one way or another. The violent bearish reaction the pair experienced after touching the dynamic resistance tells us that the priority is downward. However, the trendline has not been broken. An aggressive entry can be as the price breaks down the dynamic trendlne. A more conservative one is to wait for a retest, as 0.924 experienced many false breakouts in the past months.
The most straightforward target would be 0.92, for a trade that has approximately a 2x-3.5x Risk Reward ratio according to the chart.
The most straightforward target would be 0.92, for a trade that has approximately a 2x-3.5x Risk Reward ratio according to the chart.