Trade of The Day – EUR/CHF

Facts:

• The pair invalidated 1:1 structure at 0.9204
• EURCHF is trading above the 100-period exponential moving average from D1 interval

Recommendation: Trade: Long EURCHF at market price Target: 0.9330, 0.9390 Stop: 0.9155

Opinion: Looking at EURCHF on the H4 interval, one can see a potential trend reversal. The pair managed to break above the 1:1 structure – according to the Overbalance strategy, such a situation heralds a bigger upward move. It seems that as long as the price sits above the 0.9204 support, continuation of the upward move is the base case scenario. In addition the pair sits above the 100-period moving average from the D1 interval. We recommend going long EURCHF at market price with two targets: 0.9330 and 0.9390. We also recommend placing a stop loss order at 0.9155. Source: xStation