EUR/CHF - short

13 Feb 2023

Hi everyone, We have recently crossed below MA 20 on the weekly time frame, which is usually indicative of a bearish influence, and we are currently moving towards the downside below MA's on the monthly TF. A recently formed daily bearish engulfing candlestick closure and the price has made a new 1-hour low. On the 4-hour time frame, there is a possibility of a pullback to re-test the MA 20 level before it continues to trend downward. Keep in mind that tomorrow's Gross Domestic Product report for the EURO will also have a significant impact on the trade as the release of this important economic data could cause significant price movement and volatility.