Sunday, 15 May 2011

EUR/CHF Analysis

Big bearish candle on the daily timeframe suggests weakness for the euro. This pair is also in a bearish channel looks like ti wants to go into the 12300s. There is some big resistance though at 12400 which could be hard to break through. I'm placing a SHORt order based on:

- Big bearish pin bar candle
- With downward trend
- Within channel on dailt timeframe
- Bounces off 12700 support
- Retraced 38.2 of the 28th April high
- With 8 and 21ema which acts as support

Entry is near the 50% retrace of the bear candle and off 8ema at 12625
STOP: 12697
LIMIT: 12451 or near

RISK/REWARD: 3/1

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1 comment:

  1. Tee Man16 May 2011 at 21:46

    Bit annoying, missed my entry by 10 odd pips and its tanked 100 odd pips. Analysis good again though

    ReplyDelete

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