EURCHF Analysis – Bear Dominance Eases
EURCHF bear dominance diminishes. The market is currently unclear, with neither buyers nor sellers asserting strong dominance. This indecision may lead to a struggle around the 0.96960 significant level as both sides weigh their options this time.
EURCHF Key Zones
Resistance Zones: 0.98830, 0.96960
Support Zones: 0.95150, 0.94180
Last week, buyers managed to stage a resurgence in the 0.94180 significant zone. However, this followed a sustained downward trend initiated by sellers early in October. It resulted in a decline from the 0.98830 price level to the 0.94180 mark. Despite the recent pullback observed, sellers continue to exert considerable influence over the EURCHF market.
The MACD (Moving Average Convergence and Divergence) indicator remains on the low side. This suggested that bearish momentum still prevails, albeit with signs of potential exhaustion. The Moving Average Crossing indicator further reinforces the market’s bearish sentiment but hints at a potential reversal soon.
On the 4-hour chart, both buyers and sellers appear to be in a standoff. To break free from this consolidation, buyers need to muster stronger momentum and overcome the 0.95150 significant zone. Whether they can achieve this will largely determine the market’s next move.
Traders should closely monitor the 0.95150 significant zone for potential breakouts in either direction. It will be a key pivot point for the coming week. The sell traders continue to hold pressure on the EURCHF market as the week goes by.
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