The weekend is over, we can start preparing for the last full trading week of the year. I looked at the weekly chart of the EURCHF pair and noticed that there was a bearish outside bar formation. Although the name of the pattern itself does not yet determine the direction in which the price will go, but after a closer look at the situation on the daily chart, one can already deduce something more.
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Friday’s session was dominated by significant falls on EURUSD, which caused the EURCHF pair to draw a strong downward pin bar. The upper wick of the Friday daylight candle indicates the rejection of the resistance of the triangle in which the price has recently moved.
It is very likely that there will be drops at least to support the aforementioned triangle located about 50p below.
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