EURCHF Bulls Battle Key Levels as The Impulse Declines

Market Analysis – EURCHF Bulls Lose Steam

EURCHF bulls battle key levels as the impulse declines. The pair has recently experienced a significant battle between bulls and bears. As the bullish impulse begins to decline, traders are closely monitoring key levels to determine the future direction of this pair. 

EURCHF Key Levels

Resistance Levels: 0.96910, 0.96210
Support Levels: 0.93120, 0.92680

EURCHF has been engaged in a fierce struggle at various key levels in recent weeks. The bulls have demonstrated remarkable strength, pushing the price higher and attempting to break through significant resistance levels. One such level is the 0.94730 market level, which proved to be a formidable obstacle for buyers during their initial rally in January. 

Despite the initial breakthrough, the bulls faced a setback as the price pulled back to the 0.93120 market zone. This retracement was a test of the bulls’ resilience and determination. However, they quickly regained their composure and extended their buying strength close to the 0.95120 price zone. Unfortunately, the buy traders lost their guard, allowing the price to slip back to the 0.94730 market level.
 
To gauge the potential for bullish continuation, we can look at the moving average crossover of the 9-day and 21-day periods. The moving average crossover suggests a bullish continuation, indicating that the buyers still have a chance to regain control. 

Market Expectation 

While the bulls have shown resilience and determination, it is important to consider the possibility of further weakening later. If the buyers fail to maintain their momentum and break through the key resistance levels, EURCHF could experience a period of consolidation or even a bearish reversal. Traders need to have a proper strategy in place and rely on the best forex signals to navigate the market effectively.

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