The EURCHF has confirmed a long term downtrend reversal since April 2018 scoring 4 green months in a row. The psychological parity level is now a valid target.

My last Finlogix analysis today goes to another cross pair, the EURCHF.

There is only 1 European major economic report that has already came out last Tuesday, the German Prelim CPI month-over-month figures went lower than forecasted.

For the Swiss major economic report, the only data this week went lower than forecasted as well, the CPI month-over-month.

Assessing EURCHF’s high timeframe candles:

Monthly Candle: Previous close is a Green Body with a Longer Head Wick current is developing a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Long Upper Shadow current is developing a Green Body with a Longer Tail Wick

Daily Candle: Previous close is a Green Long-Legged Small Spinning Top current is developing a Green Body with a Longer Tail Wick

The Euro has finally confirmed a northern move after a fateful 2023 bottom found at 0.9250 levels against the stronger Swiss.

We can see a bullish engulfing pattern on the yearly on top of a double yearly bottom candles 2023-2024.

A strong impulsive move to the upside since then! With a January month ended in a green long upper shadow signaling a change in direction.

Last week, the EURCHF bears’ were upset as the pullback were bought back heavily to the upside.

For now, the cross pair wants to continue higher. We can see lots of break away type bullish FVGs in blue rectangles!

There’s an intraday breakout breaking last week’s high.

My trade plan is to observe a pullback towards last week’s high sublevels then open a long position.

A lot of momentum Euro buyers are stepping in now that the weak Swiss April CPI month-over-month report is 0.30% down versus market analysts’ forecast.

If goes in, I’m comfortable to hold this trade for a potential higher swing breakout.

In case I’m wrong, I’m putting a stop loss in the 4H 50-SMA.

But if the EURCHF breakouts further creating more breakaway/runaway bullish gaps, I will adjust in my next analysis.

EURCHF Intraday Analysis and Trading Plan For April 4, 2024

Apr 04 2024

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