EURCHF is currently in an expanded flat correction which is made up of 3-3-5 waves.
We are currently on the C wave, subwave 4. Expecting price to retest the fibonacci before moving lower.
SHORT Trade Idea:
- Watch for rejection of fib and you can take a risk entry with tight stops above recent highs
- For safe break, watch for the bear correction to break with stops above the correction
- Targets: 1.023 (150pips), 1.01 (260pips)
LONG Trade Idea:
- Wait for the expanded flat to complete around the 1.01 level
- Enter when you see bullish price action with stops below the lows
- Targets: 1.05 (420pips), 1.064 (550pips)
What do you guys think?
Goodluck and as always, trade safe!