Facebook
 
 

08.04.202110:28 Forex Analysis & Reviews: EURCHF facing bearish pressure, potential for further downside

Exchange Rates 08.04.2021 analysis

Price has just broken below the ascending trendline support-turned-resistance, where it could potentially drop further below 1st resistance, in line with 38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance, towards 1st support, in line with 78.6% Fibonacci retracement, 50%, 78.% Fibonacci extension and horizontal swing low support. MACD is also holding under the 0 line, indicating bearish pressure in line with our bearish bias.

Trading Recommendation

Entry: 1.10501

Reason for Entry:

38.2% Fibonacci retracement, 78.6% Fibonacci extension and horizontal pullback resistance

Take Profit: 1.10055

Reason for Take Profit:

78.6% Fibonacci retracement, 50%, 78.% Fibonacci extension and horizontal swing low support

Stop Loss: 1.10879

Reason for Stop Loss:

78.6% Fibonacci retracement, 78.6%, 161.8% Fibonacci extension and horizontal swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.