EURCHF Keeps Sliding Downward Under Bearish Influence

EURCHF Analysis – The Price Keeps Dropping Under Bearish Influence

EURCHF keeps sliding downward under bearish influence. The market has thus far tried to regain the bullish impetus it displayed until early February, but the price has failed to get the best of 0.04010. Further attempts were rebuffed at 0.03710. After that, the sellers have continuously prevailed over the market, and the currency pair keeps losing ground and has dropped below more key levels.

EURCHF Significant Levels

Resistance Levels: 0.99760, 1.01010
Support Levels: 1.02470, 1.04010
This will be the second time that the bearish bearing of the market will be interrupted unsuccessfully. The first came in August 2021 at the 0.06980 key level. The price first sprang from the level, then dropped for a retest before it drove higher to the 1.09330 supply level, where the market was rejected. Failure to break this zone led to the resumption of the price drop.

A similar situation occurred again as the bulls sought a correction in the market. The downward glide in the market was interrupted in December 2021. This led the currency pair to a movement within an expanding triangle. Bears have, however, seized control of the market again by beating it below the pattern. Efforts by the buyers to restore the market have been futile as the price keeps dropping. The Parabolic SAR (Stop and Reverse) supports bearishness.

Market Expectations

The 4-hour chart shows that the market is now playing along the lower border of the expanding channel. The market’s structure is one of downtrending. This has brought the currency to a low of 0.01010. Unlike the daily chart, where the power line of the EFI (Elders Force Index) is predominantly in the bearish region, the 4-hour EFI chart shows the undulating nature of the market, and the price keeps sliding downward. EURCHF will be looking to re-approach its low at 0.99760.

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