Market Analysis – EURCHF Price Pulls Back
EURCHF bulls stage opposition amidst bearish sentiment. The EURCHF market has witnessed notable opposition from the bulls amidst the prevailing bearish sentiment. Throughout the week, the market has experienced significant gains, with the bulls consistently pulling strings despite the sell pressure. While sellers have been relieved temporarily, it is expected that they will soon regain their influence.
EURCHF Important Levels
Resistance Levels: 0.98700, 0.97010
Support Levels: 0.93740, 0.92680
The year 2023 has been a challenging period for EURCHF, as the price of the Euro has gone through weak stages, tilting lower. The bears have dominated the market, leading to the breach of multiple order levels. Just last month, sellers initiated a strong downward movement after the price consolidated above the significant zone of 0.96230. The sellers were actively in control until the close of 2023.
However, the buyers eventually made a comeback into the scene, initiating a short recovery in the new year. It is important to note that this recovery by the bulls should be viewed from a temporary perspective. This is because the buyers are approaching the key price level of 0.93740. This key level may likely hold them down and eventually set the sell trend in motion once again.
In the short time frame, traders should expect sellers to build back up. This is because the currency pair is strongly bearish. The buyers will need more effort for a breakthrough.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results