EURCHF Analysis – EURCHF Bears Fail to Give Up as Price Trade Down to 1.03120
EURCHF bears fail to give up their strength in the market as prices continue to trade down to a significant level of 1.03120. The bears have been in succession for a long time, despite other prospects’ involvement in the market phase. The price tendency continued to shoot down as the bear’s impact heightened. The sellers look forward to going lower and even breaking through the significant level of 1.03120 as they hold more stances in the market.
EURCHF Significant Zones:
Resistance Zones: 1.11320, 1.07920
Support Zones: 1.05020, 1.03120
From the 1-day chart, the market outlook is seen from the buyers’ first engagement in price activity in mid-March. The bulls make a short impulse move to 1.11320, a significant level following the price breakthrough. But, the bears succeeded in changing the price direction by making it fall short. The market has since then been riding a bearish propensity in the market phase. The market proceeds downward, with the bulls also having some sort of interaction in the market with the bears.
The bear dominance, having begun from a significant level of 1.11320, now tends to move towards more significant price levels in which breaking and retesting are seen in view. As the bears hold more positions, the bearish influence will continue to and will not fail for a while. The Stochastic Oscillator indicator shows a price display signal in view with a bearish ride having failed to go up. This is as a result of the bulls filling the gap to break over to the 1.05020 significant level. The momentum indicator on the 1-day chart is seen on the rise as the bears are still taking a grasp on the market.
The price movement on the 4-hour chart is also bearish. However, the bulls’ interaction in the market is also clearly seen. The buyers purchased the price to move with strong volatility, but the price failed to break through the 1.05020 significant level. The bears’ taking over shows their strong influence on the market. They are also willing to take more market positions if the price falls below the 1.0312a0 market level.
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