EUR/CHF:
Date: 24 March, 2017
H4 Graph: Long term short Trend, Medium term choppy, Short term move long
Price formed a solid bottom at around 1.06320 and after trying several times to break below, it was not successful and started going up fast. Now after a correction, price stopped at horizontal support at 1.069 and diagonal support. Price starts to go up again and it gives us a signal for possible move higher. Price does remain above the 200 EMA.
Price Action: Pin bar at strong levels of horizontal and diagonal support - Possible signal for long.
DEM: In a oversold zone and turns up for long
Alternative scenario: If the price starts to move down again and passes below the 1.06800 and below the diagonal support will cancel the bullish view.
Price for Entry long around: 1.07100
SL: 1.06700
Trader: S. Fuchedzhiev
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