- EURCHF reaffirmed support since last week
- The trend is still supportive, but the market needs to take out the 1.1400 handle to confirm the trend once again.
We initiated a bullish forecast on January 09, at 1.1250. While the cross reaffirmed the support since last week and strengthened as protracted buying triggered a break of resistance (double top) at 1.1350.
https://t.co/TJR6D1jjVy#EURCHF: The cross traced out a near-term bottom near 1.1185 in Sep 2018 -Jan 2019 via the formation of a double bottom pattern. #fx #forex #trading #currencies #fxsignal #FX初心者 #fxxkingrabbits pic.twitter.com/OvByHvvIwT
— KeytoMarkets (@KeytoMarkets) January 9, 2019
The erosion of the 200EA at 1.1400 (daily closing) is highly encouraging all the more so as the daily volatility tends to increase markedly and as the daily indicators are remaining bullish but approaching overbought levels. In this case, a break above 1.1400 may pave the way for higher prices through 1.1450 and 1.1480 in the coming days.
Whereas in the medium term, a break of these key barrier at 1.1450 its 200MA would be needed to initiate a more pronounced recovery to 1.1500 and 1.1630 in the medium term.
The supports are at 1.1340 and 1.1240.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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