EURCHF: Suggested long wasn’t activated, intraday analysis reviewed
In our previous technical comment for the EURCHF pair, we suggested potential upside actions, but that was in one condition.
Our condition was a breakout above 1.0575 –string resistance- , but the EURCHF pair failed in maintaining levels above 1.0575.
The slide from the median line of Pitchfork channel signals potential downside resumption once again, reinforced by the recent negativity on trend and momentum indicators.
In result, we cancel out any buy stop positions and add a new sell using market order with targets at 1.0370 support and 1.0280 respectively.
The new resistance level of 1.0450 should protect sellers.