EURCHF Analysis: Price Bearish Slope Continues to Downplay the 1.03100 Price Zone
EURCHF bearish slope is still pointing down to the 1.03100 price zone. The bearish slope has been the dominant phase the market has been experiencing for a while. The bears in the market decided to exert their influence on the market as early as March. The price has since then been on a downward slope.
EURCHF Significant Levels:
Resistance Levels: 1.113001, 1.07900
Support Levels: 1.0500, 1.03100
Before the sellers first commenced their bearish influence in the market, the price first settled a bullish score from the level of 1.07900 level of influence to the 1.11300 level of influence. The bearish view that was taking over gained more effect on the market. The price activity pushes the market effect through several key prices.
The Bollinger Band indicator can be seen to show the following price tendency: downward. The upper band of the Bollinger acts as a slant resistance zone for the price movement. The upper band pushes the price down to the lower band, where the market is also being retested as the slope keeps going lower. Presently, the bears are pushing the price signal from the 1.0500 significant level down to the 1.03100 significant level as the bearish trend continues. The middle level of the Bollinger band is also pushing the price lower to 1.03100, a significant level of bearish engagement.
The 4-hour chart vividly shows price direction. The bulls’ investment is also visible in the market. The price fails to break over the 1.0500 from the buyer’s end. The Parabolic SAR (Stop and Reversal) indicator also shows many dots following the price tendency as the bearish influence continues in the market. The sellers are motivated to direct price movement beyond the 1.03100 significant level as the downward slope continues.
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