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EUR/CZK Potential Upward Movement

EUR/CZK Long-Term Trend: Bullish

Key Resistance Levels: 25.49143, 25.60000, 26.00000

Key Support Levels: 25.37265, 25.29992, 25.29000.

Daily Chart:

The price on the higher time frame failed to break the strong key support around the 25.37265 CZK mark and posted long wicks to the downside showing that the buyers are in a clear control. We expect now a new impulsive wave all the way up toward the next key resistance level.

EUR/CZK Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the pair is traded near the 61.80% Fibonacci retracement where lot of bullish bars appeared with long wicks to the downside, this shows that a new wave might begin. Before that a lower correction is expected to the key support.

Signal Idea:

Buy Limit Order @ 25.37717

TP 1 @ 25.48293

TP 2 @ 25.60000

Stop Loss @ 25.33703

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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