Will The Bears Take Control On The EURCHF Once Again?

Trade Idea: Will The Bears Take Control On The EURCHF Once Again?

Important note on charts:

It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.

Trade Setup Disclaimer:

All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.

Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.

Potential Trade Setup: Will The Bears Take Control On The EURCHF Once Again?

All charts I provide are of the Daily time frame unless stated otherwise. 

EURCHF

Trend: Very Bearish

Key Levels: Broken key level of support 1.1162 

Price Action Signal: Awaiting a retest of the broken key level for a price action signal

Chart Notes: The EURCHF pair broke out in momentum at the strong support level of 1.1162 after a strong bearish impulsive move.

With a strong bearish bias that remains intact, I am watching for future bearish movement.

Potential Trade Idea:

I am considering selling this pair again if the broken key level of 1.1162 now holds as a new support. 

I will be looking for a strong bounce of this key area with a nice bearish reversal candlestick pattern.

This setup will have space to the previous lows for a first target, giving me room for a 1-1 risk to reward.

I can’t stress enough here, that patient and discipline is the key to any successful trader.

Want to know how I trade this setup?

Then check out my NFXT Superior Trading Course today.

Now is your turn:

How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.

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