EURCHF Analysis – Price Moves in a Freeway Downward Below the 1.04710 Key Level
EURCHF price is descending on a freeway below the 1.04710 key level. The market has been willing to move in a bearish format right from mid-September. The bears, however, succeeded in achieving their objective. They have held the price movement for a long time, and the sellers are still interested in pushing the market downward. EURCHF will therefore continue on a freeway without any bullish interference as the momentum of the market tendency increases.
EURCHF Key Levels:
Resistance Key Levels: 1.09450, 1.08350
Support Key Levels: 1.06950, 1.04710
Overall, the market appears to be in a bearish trend. Price action continues to be manipulated by the sellers. This has an impact on the market's price formation pattern. Before the negative move entered the market, the market had a fast response near 1.09450. The bears then looked forward to playing the price lower from there. Bullish engagement prompted price movement back to the 1.09450 pricing level after the bears pushed the price down to the 1.06950 market level.
The influence was driven downward by the bear market that started at the price level of 1.09450. Following a rise in price momentum, the market rally drove demand downwards. At this point, the market appears to be negative. The Moving Average crossing indicator illustrates how prices change. As the market moves along a highway, the indication works as a resistance zone. As the market moves in a negative direction, the price momentum is perceived to increase.
The price is forming a bearish pattern on the 4-hour chart. The bulls' intervention in the market is seen in the market. The bears, on the other hand, have moved in, causing negative order flow below the 1.04710 price level. With the candlesticks in a bearish shape, the Moving Average crossing displays price responses. As the market continues to trade below the 1.04710 price level, the momentum indicator grows in a negative shape.
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