EURCHF Daily 12/15/19

EURCHF Short Idea

This pair is still very bearish on higher time-frames. Price action rejected the daily 38.2% fib level and has been forming lower highs.

Last week we saw a surge in volume from the bulls after news followed by quick rejection leaving a giant daily wick, this clearly shows huge bearish volume is present

Ideally we would like to see a break and retest of this pattern and the lower trendline before we can target lower

Upon a break and retest we will look to target toward the 0% daily fib level which is around 100-110 pips lower

If price action continues to push down we are looking to target our major weekly support level around 1.06750 which is about 240-250 pips lower