Jump to content

Selling into rallies in EURCHF with a possible top in place


PIA_First_IC

Recommended Posts

Monthly: Hard to take too much away from the longer timeframe as most brokers have different low trades from the January 2015 spike. What we can note is the fact we will post a bearish Outside Month.

 

 

Weekly:  Bearish divergence can be seen on the weekly chart. Chart makes a higher high while the oscillator (RSI) makes a lower high, often seen before the change of a trend. We have posted an Evening Doji Star from the high (topping pattern). Last weeks Marabuzo (mid-point from open and close) is located at 1.1690

 

 

Daily: Broken out of the Ending Wedge formation to the downside. The measured move target is 1.1258. We have bespoke support inside this level at 1.1292. Reverse trend line resistance, and a solid barrier, is seen at 1.1728

IG EURCHF D.png

 

 

Intraday (four-hours) – Levels close to the 261.8% extension level of 1.1515 found buyers. The most important fact is that our bespoke support at 1.1565 is attracting bulls. With the medium-term outlook bearish, we expect rallies to be corrective and limited. Setting shorts close to 1.1670 with a stop above the reverse wedge resistance and the wedge target at 1.1258 (bespoke inside at 1.1292) offers great risk/reward.

IG EURCHF 4.png

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • image.png

  • Posts

    • In the previous year, #bullrun2024 had been a trending hashtag as most crypto enthusiasts continually drooled over the prospects of witnessing another bull cycle. 2024 is finally here and so far so good has produced only fireworks. BTC has soared to 60k+, the market is green, and there’s a general sense that the bulls are returning. If there’s one thing that pays most in such bullish market, it is the flair to spot early gems and position oneself before a breakout. In that regard, Bitget has been my plug for a few years running. The early listing of $ORDI last year for instance before Binance listing 7 months after, and a surge ultimately is well documented. This year alone, Bitget has continued its wealth creation for users nicely, coins like $PORTAL, $GPT, $GTAI and so on have gone on to print for investors as depicted in the picture below. Web3 rewards not just active participation, but strategic positioning. There’s no gainsaying that the key to securing insane profits in this market is by positioning early and strategically too. Bitget’s eagle-eye for spotting early gem is a flex. Numbers don’t lie.  
    • Portal itself is awesome. Those who haven't got any airdrop, I think it's best time to accumulate for them.. tho, I'm gonna DCA....
    • Nope the hype is worth it. The project is dope itself as well as the team. Already deposited my bag at Bitget... Let's hope for the best 🤞
×
×
  • Create New...
us