EURCHF Wave Analysis – 17 February, 2020

EURCHF reversed from strong support area
Likely to rise to 1,0800

EURCHF recently reversed up from the strong support area lying between the long-term support level 1.0620 (which has been reversing the price from the middle of May) and the lower weekly Bollinger Band.

The upward reversal from this from the support area started the active weekly medium-term correction (ii).

Given the oversold reading on the weekly Stochastic indicator – EURCHF is likely to rise further toward the next resistance level 1,0800 (former strong support from last year).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: EURCHF

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