EURCHF Analysis – Sellers Change the Price Trend Back to The 0.97530 Market Level
EURCHF falls behind as sellers stick to bearish moments. The pair started off the month on a positive note after lagging for most of the past few months. The sellers had consistent bearish momentum as the price rallied from the 1.00420 key zone.
The bulls then came in with strong determination at the 0.96740 key level, pushing the price past the 0.97530 market level. As the buying pressure increased, the EURCHF pair was able to breach the 0.97750 resistance and reach a high of 0.98400.
The sellers then started to take back control of the market, pushing the price back down to the 0.97750 level. From there, the pair continued to move lower, reaching a low of 0.97030.
EURCHF Key Levels
Resistance Levels: 1.00420, 0.98630
Support Levels: 0.97530, 0.96740
The recent developments in the market have indicated that the bulls have lost their momentum in buying more pips back to the 0.98630 market level. This has resulted in a sharp sell trend in the market this week after the buyers crossed the 0.98000 key zone.
This now suggests that the market is ready for a bargain, and the price could hit back at the 0.97530 key level. However, the Parabolic SAR (Stop and Reverse) shows that the price is still stuck at the bullish level, indicating that the selling phase may not last for long.
This could be due to the bulls maintaining their buying pressure in the market as they strive to keep the price in the green zone. But this could be a risky move for the bulls, as the bears could take advantage of this situation and push the price further down.
Market Expectation
The buyers are picking up strength in a short time frame. This could mean that a breakout could be slim as the price changes direction before hitting the 0.97530 key Zone. Nevertheless, traders should watch out for a breakout or price reversal at the 0.97530 key level.
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