Last week, we could have seen reversal on the Euro against a few crosses.
Since March 2021, EURCHF is on a legitimate downtrend and since the end of February, the pair was in a symmetric triangle pattern (red). By the beginning of May, after a series of bullish candles, the price managed to escape from the triangle to the upside. That only encouraged buyers and increased the momentum allowing the price to rise further and break the mid-term down trendline (blue).
Breaking those two resistances is definitely a great sign and an invitation to go long. The buy signal is here and stays on the table as long as the price stays above the horizontal support on the 1.035 (orange).
An alternative scenario includes the price coming back below the orange support, which would effectively give us a sell signal. But the chance of that happening are now rather limited.
For a look at all of today’s economic events, check out our economic calendar.
During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.