EURCHF Analysis- Sells Resume Their Bearish Campaign
EURCHF bears regain control as selling pressure mounts. The market has seen a notable shift in momentum this week as bears come back into prominence. Despite a valiant effort by the buyers to breach the 0.97480 market level, they have been forced to relinquish their grip. This development indicates that EURCHF has taken a bearish turn, and this trend may persist in the weeks to come.
EURCHF Key Levels
Resistance Zones: 0.98790, 0.97480
Support Zones: 0.96910, 0.95160
The recent market dynamics reveal a renewed dominance of selling pressure. They potentially drove the price down to the 0.95160 market level. The tug of war between buyers and sellers had reached a relative equilibrium before the buyers gained momentum in September. However, it’s worth noting that selling pressure has been building since July. Then the sellers managed to breach the crucial 0.97480 significant level.
Afterward, EURCHF underwent a consolidation phase, hovering above the 0.95160 significant level and failing to dip lower in September. The technical indicators, such as the Moving Average (MA) crossing are signaling a clear bearish sentiment in the market. Additionally, the Relative Volatility Index points toward a bearish disposition in the market.
On the 4-hour chart, it becomes evident that the EURCHF price is poised for further downward movement in the upcoming week. Traders should brace for potentially increased price volatility as the bearish momentum gains traction. As we head into the next trading week, it will be crucial to closely monitor the EURCHF market for any potential developments. This is because trader’s reactions may impact its direction and overall sentiment.
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