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16 May 2007

EURCHF - to continue or not?


EURCHF seems to break double top...

Starting up move direction on 11 May with a Divergent Bar, there was a nice rally offering few entry points and good profit (Lower green lines labeled 1-4).

After the deeper than expected (and desired) reaction there was another series of entry opportunities (green lines above Stop loss line labeled 1-5). Nevertheless distance is shorter than previous one - profit opportunity exists and the break of the top could make it bigger.

On the daily chart is clearly visible Bulish fractal break.

Here (daily) momentum is considerably slowing but acceleration is on. If latter continues we could see another rally. Next session will show the way.

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