EUR/USD reversed from support zone Next buy target - 1…
EUR/CHF reversed from support area
- EUR/CHF reversed from support area
- Next buy target - 1.1700
EUR/CHF recently reversed up from the support area lying between the strong support level 1.1560 (former key resistance level from the middle of October, acting as support after it was broken by the previous impulse wave (iii)), support trendline of the daily up channel from August and the 50% Fibonacci correction of the previous minor upward impulse (iii). EUR/CHF is expected to rise toward the next buy target at the next resistance level 1.1700 (top of the impulse wave (iii)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.