Right, Right , Right! EURCHF Stumbled across some solid support before reversing Bullish. As you can see Bulls have been in control for some days now.
Price is approaching a critical resistance zone ( the grey price level price is approaching) where we may potentially see price pullback which may also been seen as 'profit taking' .
Price has potential to retrace 50% of the whole bullish move which in classical technical analysis terms we would call an 'inverted head and shoulders' . In Elliot wave terms, we can refer to as an ABC corrective pattern. I have marked the 50% retracement level. Should price pull back to this level, I will be going long with 1% capital risked.
Should price move to my stop loss, my edge will be invalidated.
Take profit has been calculated at double the length of the retracement (100%)
Price is approaching a critical resistance zone ( the grey price level price is approaching) where we may potentially see price pullback which may also been seen as 'profit taking' .
Price has potential to retrace 50% of the whole bullish move which in classical technical analysis terms we would call an 'inverted head and shoulders' . In Elliot wave terms, we can refer to as an ABC corrective pattern. I have marked the 50% retracement level. Should price pull back to this level, I will be going long with 1% capital risked.
Should price move to my stop loss, my edge will be invalidated.
Take profit has been calculated at double the length of the retracement (100%)
