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EURCHF approaching strong support, watch for a potential bounce!

Long
Euro / Franco svizzero (FX:EURCHF)  
Tickmill Broker  
FX:EURCHF   Euro / Franco svizzero
Trend Analysis Harmonic Patterns Chart Patterns EURCHF EUR chf eurchfshort eurchflong eurchfidea eurchfsell eurchfbreakout eurchfsignal
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trendanalysis harmonicpatterns chartpattern eurchf eur chf eurchfshort eurchflong eurchfidea eurchfsell eurchfbreakout eurchfsignal

EURCHF is approaching strong support at 1.1521 (Elliott wave structure, Fibonacci extension) and what could happen is that it takes out the stop losses below our wave 3 with a wave 5 movement. This would then lead to a potential bounce up to 1.1639 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is seeing major support above 4.2% where a corresponding bounce could occur.

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