EURCHF Analysis: Price Movement Keeps Monopolizing in a Downward Trend Below 1.04700 Significant Zones
EURCHF price movement keeps monopolizing in a downward trend below the price level of 1.04700. The price movement witnessed an overall intense bearish trend in the market. The bears have been quite successful for the past few months. The market appeared to start its bearish surge in mid-September, and the market has since then followed a downturn. The more the market gives way to the bears, the more it continues to expand downward. As a result of this significance, the price is ready to expand more as the bears keep monopolizing the market.
EURCHF Significant Levels:
Resistance Levels: 1.09400, 1.08300
Support Levels: 1.06940, 1.04700
Before the bears gained a monopoly on price declines, the market initially shared a significant moment with the bulls and bears in the market. Both candidates in the market caused a wave in the market influence. The bears first encountered a pull from the 1.09400 significant level of price influence. The market then widens to a 1.06940 significant level. The bulls also maneuvered their way upward as the price action developed a ‘W’ pattern on the chart. Due to the bear’s monopoly, the bulls in the market have little influence on the market.
Bears are thus well-positioned to continue in the bearish moments that have arisen as a result of the price momentum increase. The price movement caused by the bears breaks through several price levels. The moving average indicator crossing shows the price signal following the downtrend of the market. The Moving Average indicator continues to follow the market as the candlesticks react to it following a bearish moment.
On the 4-hour chart, the price movement proceeds below the 1.04700 significant level. The chart also shows bulls’ involvement in the market. As bears continue to control the price, the bulls also want to hold the market level to a 1.04700 significant level. The bulls also want to place the price back to 1.04700 significant level. The Stochastic Oscillator shows price movement in the oversold region and the price is established to pull back before bearish commencement. When price pullback to the 1.04700 significant level the sellers will then dominate price movement below 1.047900 price level.
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