Hi Traders! EURCHF range provides sell opportunity for us. A detailed analysis of this potential bearish setup is as follows:
EURCHF Daily Chart:
On the daily chart the price is moving inside a range, this range is formed by the highs and lows reaching parallel resistance and support zones. The price is respecting these resistance and support zones so far and has currently reached the middle of this range. We may now look for evidences of bearish pressure on lower timeframes in order to join the bears.
EURCHF H4 Chart:
On the H4 chart we had a good support zone that has formed and the price which was respecting this support zone so far has currently broken below it with momentum. We may consider this as an evidence of bearish pressure and we may now look for pullbacks and sells with more bearish evidences.
EURCHF H1 Chart:
On the H1 chart currently it looks like a pullback is happening, we also have a bearish hidden divergence that has formed which we may consider as an evidence of bearish pressure. We may now look for more evidences of bearish pressure in order to start looking for the sells.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this sell setup then you can use any setup and strategy that you have in your arsenal to look for bearish moves and join this sell trade.
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