EURCHF Analysis – Sell Traders Should Brace for a Bearish Display
EURCHF buyers backed down close to the 0.98800 key zone. The currency pair has been in a state of flux recently, with buyers backing down close to the 0.98800 key zone. This order block has been a significant point of resistance for the pair for some time, and now sellers are preparing to brace down on the daily chart. The bulls had a brief comeback in the past few weeks, but the bears are now bracing to fuel downselling action. The week is coming to a close for the currency pair, but the sellers are now working towards a bearish course of action for the upcoming week.
EURCHF Key Levels
Resistance Levels: 1.02430, 0.98000
Support Levels: 0.96800, 0.04840
The 0.98800 key zone has proven to be a significant point of resistance for the EURCHF currency pair. Despite the bullish comeback, the sellers are now preparing to take control of the market and drive the pair lower. With the upcoming week ahead, traders should be prepared for a bearish course of action as the sellers look to push the pair lower. The EURCHF has been in a tight range between the key levels of 1.00270 and 0.98800 for the majority of the year 2023. Both buyers and sellers have been able to maintain their progress in this zone. However, the start of March saw the sellers break out of the support level of 0.98800. This led to a long period of bearish flow.
The bulls recently made a comeback, and the support level of 0.98800 has now become a strong resistance level for buyers. The buyers have just made a pullback, and we expect more serious movement in the coming days. The stochastic is closing down as sellers now take action. The Moving Average Crossing is also pointing out a bearish composition.
It is important to keep an eye on the EURCHF as the price action could be volatile in the near future. Traders should be aware of the strong resistance level of 0.98800 and the potential for a breakout. It is also important to monitor the Stochastic and Moving Average Crossing for any further bearish signals. With the right analysis and strategy, traders can make the most of the EUR/CHF price action.
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