EURCHF – Clear bearish condition
Remember we need to be careful about trading only the currency pairs that have clear market condition on both, the short term and long term charts.
The EURCHF meets these requirements, it is trading in a clear bearish condition (broke through an important LT support level) and it is currently trading around historical lows. Also, in the ST charts, it is trading below the ST resistance level.
If the market forms a significant pattern with downward pressure around the ST resistance level, I’ll definitely go short. The EURCHF needs to trade below 1.2402 in order to be considered in a bearish condition.
Have a nice week ahead!