EURCHF analysis for bullish side

7 Des 2020

Eurchf might take another run up to test strong resistance zone between 1.08662 and 1.08713. This resistance area is important and was unbreakable for long perioud of time. Bullish side tested this zone many times, but without any success. This is why is hard to expect price will end up above mentioned resistance zone this time. Plus more, from last two tries price hit recent resistance zone and the opposite side hit back for 90 - 100%. Which means sellers has enough power to hold resistance zone for longer time. We published this analysis for practice and bullish possible third try. The point is that, if buyers will fail their next try which is expected, then seller will defence it too. Sellers might face off even earlier like at 1.08500 resistance level. This is actually our first expected target.
Still important is that, we are still in strong buyers territory no matter if sellers keep bouncing. Also volume is strong and daily's are on bullish side. If there won't be any action taken from bullish side, it is better to wait for another opportunity

Bullish entry, if price will hold above 1.08232 resistance level
First target: 1.08500 resistance level
Second target: 1.08662 to 1.08713 resistance level

*drawings are made superficially on purpose. We do not want to reveal all our Elite secrets, but once you are one of Elite, then every analysis become easy to understand and fun to trade.

Watch also more potential trades linked below - nzdusd analysis and trade set up

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Elitefxacademy