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A strong bearish trend take a place on the hourly chart of the EURCHF as the Blade oscillator is now at 0.0001 area below the level of balance and at the same time the indicator is red colored which is a strong indication of bearish direction on the short term.
On the chart itself you can see the moving average 5 sloping down and then you can consider the last top drawn by it at 1.2011 as a good stop loss if you need it in case of sell orders which is very advised according to the indicators signals .
http://bigimage.cz/photos/20141120141648257141117.gif
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the EURCHF pair is now moving at a bearish trend which can be recognized by the down red arrow above the price and at the same time you can monitor the sell cross between the snake and T2_clean on the 1H chart.
Now to define the levels which may affect the direction you can use the support level at 1.2005 as a good area to claim the profits or keep selling if the price breaks it down while on the other hand the level 1.2025 could be used as a resistance which the stop loss level can be set.
Finally selling can be the right decision for now until an opposite buy cross occurs on the indicators or a blue up arrow is shown http://bigimage.cz/photos/20141120141648193152309.gif
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there are bearish channel drawn on the EURCHF hour chart as you can see at the picture and also you can mention the yelow color of the moving average which mean that the price is heading up for the current period.
The market opened today at a lower values than the daily pivot point at 1.2015 and according to the data shown it seems that the price may keep going up till it can reach the first daily pivot resistance located at the price of 1.2018 if the WPR indicator didn't show any opposite downward signals.
And in case of reaching the target you can keep buying till the next resistance at 1.2022 which is a very strong resistance level to reach before the end of the day.
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http://bigimage.cz/photos/20141120141648618368389.gif
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http://prntscr.com/58hwfc
analysis for today 11 / 21 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle EURCHF on the date 11 / 20 / 2014
OPEN 1.2012
HIGH 1.2023
LOW 1.2009
CLOSED 1.2016
The third resistance (R3) 1.2023 -( 1.2016 - 1.2009 = 0.0007 x 2 = 0.0014 )= 1.2037
The second Resistance (R2) 1.2016 + 1.2023 - 1.2009 = 1.2030
First resistance (R1) 1.2016 x 2 = 2.4032 - 1.2009 = 1.2023
pivot points 1.2023 + 1.2009 + 1.2016 = 3.6048 / 3 = 1.2016
Support for the first (S1) 1.2016 x 2 = 2.4032 - 1.2023 = 1.2009
Support second (S2) 1.2016 -( 1.2023 - 1.2009 = 0.0014 ) = 1.2002
Third Support (S3) 1.2009 -( 1.2023 - 1.2016 = 0.0007 x 2 = 0.0014 )= 1.1995
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Daily Forecast
Pair: EURCHF
Major Trend: Bullish
Time Frame: H4
Reason: The price has broken the support area at 1.2012 yesterday, and move up. The price will likely correction in the area of 1.2016 pivot point, before continuing bearish trend. But if the price right through 1.2022 resistance area, then the price will go to 1.2031. RSI has moved to the top and through the line 50.
Recommendation: Buy with a target of 1.2026
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the price seems to move in upward trend today on the EURCHF chart as there are a blue dots below the bars and as long as the price keeps higher than the strong support of 1.2001 which is also the weekly Pivot point then it seems that the price may keep going north till it can hit the weekly pivot resistance at 1.203 .
In other scenario if the price can break the support 1.2001 and get a bearish signals by a red dots then it’s expected to keep going south till the support of 1.199 as the next weekly Pivot point.
http://bigimage.cz/photos/20141121141654348266868.gif .
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According to the chart of EURCHF there are a main up trend signal as the 2 EMA 5 and 6 moving above the slow EMA of 35 then I guess I will take a buy positions once the other indicators confirm the bullish direction .
There are a dots below the candles for barabolic sar indicator to indicate a upward direction and also I can monitor a buy signal on the MACD indicator which moving above the level 0 for now beside the CCI line is at the higher level to perform a upward signal .
As I said before according to the EMA locations buying is my favorite side for today as long as the price didn’t show any opposite bearish signals .
http://bigimage.cz/photos/20141121141655172576333.gif
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The EURCHF pair for today seems to be on bullish trend according to the green color of the Super trend which is my main indicator to determine the market direction.
Also the Nonlog dot is blue color of the Super trend which is my main indicator to determine the market direction.
Also the Nonlog dot is buy signal by the way.
Now the signals show a strong bullish signal by the way.
Now the signals show a strong buy trades can take a place as soon as the Nonlog indicator changes to confirm the direction.
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For the stop loss area I think there are 2 ways to exit if the super trend changes it’s color to be red or if the price hits the support at the area of 1.202 which may mean that the bullish direction is over .
http://bigimage.cz/photos/20141121141655108967728.gif
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A up channel is now drawn on the EURCHF and the price is suggested to keep going upward on the short term.
Also you can see the price hits the upper edge of donchain channel which may be a signal for heading south And if you checked awesome oscillator it shows a green bar above the level of 0 to indicate a buy Also the stostatic is showing a bullish signal by having a buy cross and the lines near the level of 80 I guess according to this data buying can be a winning bet as the price is suggested to move up and you can target the high level of donchain channel or the up edge of the drawn channel on the chart but waiting a confirmation from the awesome oscillator can increase the chance for winning buy trades http://bigimage.cz/photos/20141121141655180580683.gif
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The MA indicator changed its color to be green at the EURCHF pair chart and this happened at the same time as the candles start to show a green color which is a good sign for the traders about a new bullish trend under making.
And about the signal that we have on the BB MACD indicator you can clearly get the green dots above the level of zero which is a signal of the strength of the bullish trend till the moment.
According to my analysis I think bullish direction is more powerful and taking buy trades targeting the resistance at 1.203 can be easily reach by the price upon the coming hours but this is of course if the price can stay strong enough to hold above the support level at 1.2015 .
http://bigimage.cz/photos/20141121141655126172679.gif
Spoiler: