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Important: This site uses New York Close Forex Charts so that each 24-hour session starts and ends at 5 pm EST. These charts are essential for trading price action.
The EURCHF has been producing some incredible opportunities of late.
The stair-step action since June has produced some favorable movement including three distinct chances to get short.
I wrote about one of them on July 21st.
Back then, the EURCHF was trading at 1.1013, which had us watching for shorts on retests of 1.1060 as new resistance.
The pair ended up offering several opportunities to get short from there.
Today’s price action looks nearly identical to what happened on the 21st of July.
Notice how EURCHF is currently trading below 1.0970, which is the support area I wrote about last month.
As we know, old support becomes new resistance.
That means a daily close below this 1.0970 area would have us watching for another selling opportunity.
Ideally, we get a retest of 1.0970 as new resistance.
That would give us a much more favorable risk to reward ratio.
The next key support area appears to come in at 1.0870.
Keep in mind that we may see a retest of 1.0870 support before we get a bounce into our 1.0970 resistance level.
But given the clean price action since June, it will likely be worth the wait.
Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...
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