The Euro in tandem with the Swiss franc is still in a downward trend, despite the almost two-week bullish correction. Since the beginning of the new wave of drops from August 28, only yesterday we were dealing with the first mild reaction of bulls. There has been a re-test of the broken resistance at 1.1265. The way to the south is now open.
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At the moment, there are no signs of reversing the downward trend that has been going on since mid-July. The EURCHF price has already dropped by around 500 pips. It is difficult to determine the further extent of declines. The first zone, where bulls may react, is around 1.1050, here in July last year we observed a turmoil.
The 1.0965 regions, which in the past has acted several times as a resistance to the price, will be a real barrier to supply. However, getting to these areas can take a dozen or so sessions, so it’s a mid-term position. However, with a good parameter setting, you can achieve RR of up to 10: 1, so maybe it’s worth taking a risk.
