EURCHF Bearish Crab

EURCHF Bearish Crab pattern on H1 chart.
B point at 0.618XA retracement.While C point at 0.886AB retracement.

PRZ Zone is define by two important level of 1.618XA and 2.618BC retracement at 1.2220 area.

Convergence of this two key level could give a strong resistance to go short at 1.2220 area.

UPDATE

This trade quite difficult to follow as this week there are many news regarding euro zone especially greece bailout. I had short this pair first time at 1.2220. Price action reverse nicely from predominant trend with rejection to 1.2170. Unfortunately after that there got talk from ECB's Shark show some hawkish in the greece situation.Price action quickly respond to this hawkish talk which bring eurchf back to PRZ pivot . At this time my position had been take out with a break even.
Even though with the hawkish talk, price action was unable to show clear rejection of  PRZ pivot which bring me to reenter again at 1.2206.

UPDATE

Take a look at EURCHF M5 chart. There are demand zone on 1.2170-1.2185.For third times price action unable to breakout from this zone.On the 2nd test there was hawkish talk from ECB's Shark which bring back this pair to supply zone at 1.2210-1.2230.
I had closed 2/3 of my position with respect of the strong demand zone and to reduce my risk.I'm not quite confident with this pair right now.
Lot of uncertainty in the EUR Zone with all the focus is on greece bailout make this pair like roller coster today.

UPDATE

Exit EURCHF position at 1.2131 with a 75 pip profit. Don't like very much at the price action for EUR today.

Demand zone on M5 chart provide a good place for a profit taking.

Posted in: Bearish,Crab,EURCHF