In this article, we will describe the situation in EURCHF, where a week ago we were waiting for a purchase signal. We did not say there would be a purchase signal at this time, but we recognized the possibility: "As long as we stay below the Fibo mentioned above, the sentiment will remain negative, but breaking this line will give us an adequate buy signal."This is what we wrote back then, see the forex trading calculator here!
Patience is the virtue of every merchant. In general, it is necessary to wait for the adequate signal. In this case, it did not happen and the price went down. Thursday was decisive here. The price broke the bottom line of the flag and the short-term horizontal support. That gave a boost to the sellers and cleared the way to the south. Monday brings us a break in the green line that connects the lower part of the head and the right shoulder. This represents the total cancellation of positive sentiment and opens the way to new annual minimums.