EURCHF’s Monday peak could have signalled a shallow correction. Although a sharp one is inevitable.

As a result, my July 3’s long trade plan has triggered its stop loss order after holding for 10 days and 2 hours:

https://www.finlogix.com/analysis/20240703/eurchf-intraday-analysis-and-trading-plan-for-july-3-2024

There are no further high impact economic reports in Europe and Switzerland this Friday.

Re-assessing EURCHF’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Head Wick since last check

Monthly Candle: Last check Green Body now a Green Long Upper Shadow

Weekly Candle: Previous close is a Green Body with a Slightly Longer Head Wick current is a Red Long-Legged Spinning Top

Daily Candle: Previous close is a Green Long Lower Shadow current is a Red Body with a Longer Tail Wick

In today’s analysis, I’ll be referencing June 19 swing low to July 15 swing high moves as a complete up wave ending.

Assuming that EURCHF’s top is in, this wave here looks finished this week.

Current price structure is suggesting an expanding or broadening triangle after the retracement’s reference at 38.20% fib level bounced off.

We can also see that this expanding triangle is also part or within another bigger expanding triangle shown above.

Structures like these are usually bullish in nature.

However, the current price is still exchanging hands to premium arrays and better wait for a drop towards the first discounted array at 61.80% fib level to open a long position.

Based on my renewed analysis, today’s trade plan is simple following my speculation.

I will long EURCHF again with a 1.5 RRR through the following orders:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

EURCHF Intraday Analysis and Trading Plan For July 19, 2024

Jul 19 2024

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