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More Upside Expected

EURCHF

Good day traders! The EUR/CHF currency pair managed to break above my long-term Schiff pitchfork’s center median line (blue pitchfork). Price is now trading at a 0.786% Fib retracement level, measured from the 28th of October high to the 14th of November low.

A break above today’s high at 1.1027 could see price target the previous high at 1.1058 before some more serious resistance steps in. There is also a confluence of both my upper median line (green pitchfork) and a 0.382% Fib retracement level, right at that high which could be drawing price upwards.

Conclusion

My bias remains bullish, but price will have to overcome the resistance levels at the 28th of October high. A clear break above there could see price eventually trading towards the 50% Fib retracement level and my upper red warning line, which lies between 1.1143 – 1.1168.

Until next time, happy and safe trading!

Regards

Richard Krugel

by Richard Krugel December 2, 2019
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