Since the outbreak of corona virus, all markets saw extreme volatility that created unforeseen patterns amd unpredictable movements. However, that's not the case with Euro/Swiss Franc.
In March, price started creating cyclic move to the upside, slowly and steadily. Since then, we notice that the main price pattern is as follows: Correction Pattern - Impulse - Correction Impulse - Correction Pattern.
It'd sound so stupid to say that "we know how markets will move" - in fact we don't - but for the time being, the situation is repeating. So our next move is to wait till the latest correction phase ends and the next impulse starts. A good technical sign that indicates possible bullish move is that once price reached the lower limit of the pattern it rebounced back with a daily engulfing, which is crucial for our plan.
The Plan / How To Trade: Wait for price to break above the 61.80% level, then ideally wait for a retest in order to be sure that no more downside prevails and then start loading longs. Do not go all in before price leaves that correction pattern!
Have fun trading! ;)
In March, price started creating cyclic move to the upside, slowly and steadily. Since then, we notice that the main price pattern is as follows: Correction Pattern - Impulse - Correction Impulse - Correction Pattern.
It'd sound so stupid to say that "we know how markets will move" - in fact we don't - but for the time being, the situation is repeating. So our next move is to wait till the latest correction phase ends and the next impulse starts. A good technical sign that indicates possible bullish move is that once price reached the lower limit of the pattern it rebounced back with a daily engulfing, which is crucial for our plan.
The Plan / How To Trade: Wait for price to break above the 61.80% level, then ideally wait for a retest in order to be sure that no more downside prevails and then start loading longs. Do not go all in before price leaves that correction pattern!
Have fun trading! ;)
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4H Outlook - More details on what to expect
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Preparing to see a possible breakout soon. A Biden win would likely benefit the EUR - that's the reason we see EUR pairs going up today anyway; because Biden is close to win so markets are preparing.
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Looking to scale in the position if Biden wins. But for now initial target lies below 1.07500
