EURCHF Analysis – Price Makes an Upward Push Against the 1.03270 Key Level
EURCHF makes a strong push against the 1.03270 key level as the market buyers rally together. Despite being continuously rejected and sliding down a trendline as the price tries to go higher, the market makes a strong push against the 1.03270 resistance level. The market has bounced off the confluence of the falling trendline and the 1.01010 key support level. EURCHF will now try to build on its rally to reach higher heights.
EURCHF Significant Levels
Resistance Levels: 1.04520, 1.03710
Support Levels: 1.01010, 1.03270
Since the price slipped below the 1.03270 key level, the buyers have struggled to get the price across the line. Not even a strong upsurge from the 0.99760 key support level had a lasting impact on the buyers’ desire as the market dropped again below the 1.03270. The price plunges further towards 1.01010. However, the buyers have set themselves in array at this key level and driven EURCHF high against the 1.03270 resistance.
As the price makes an upsurge, the market has traded to the upside of the MA period 24 and has broken through the resistance level. The RSI (Relative Strength Index) indicator has its line approaching the overbought region. There is still strength in the market to keep its upward momentum, but currently, there has been soft resistance for the buyers at 1.03710.
On the 4-hour chart, the candles are firmly resting on the MA period 24 for support. The soft resistance at the next price level at 1.03710 has caused a retracement back to 1.03270, where the buyers are optimistic about holding the price level. The RSI line makes for the overbought region, having bounced off the middle line. As the price falls, the line has now dropped below the border. EURCHF is targeting 1.04520.
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