EURCHF Analysis- EURCHF Price Pushes for More Selling Tendency
EURCHF price pushes for more selling tendency following the bearish purge. At this moment, the short-sellers are employing every strategy available in an effort to drive down the price of the EURCHF. The buyers are still conscious, despite the bearish disposition, and it is anticipated that the EURCHF market will hit a lower peak in price before more selling expansion can occur. As a result, the price is expected to swing upward back to 0.99490 key zone.
EURCHF Market Levels
Resistance Levels: 1.05160, 1.03830
Support Levels: 1.01020, 0.99490
EURCHF price since June 2022, the selling prospect has extended their operations to 1.05160 key zone following several touches at this critical level. More selling activities began to evolve by initially smashing through the 1.03830 vital zone. A substantial liquidity fall in price with the Moving Average indicator of days 9 and 21 generated a cross, signifying a strong decline in the EURCHF value.
More evidence of strong selling pressure has been gathered, and prices have been trading at lower highs and lows. As the bear market continues to gain power, there is little doubt that it is prepared to review additional selling orders. According to the Moving Average Convergence and Divergence Indicator, price influence is continuing to point in a downward direction. The daily chart displays persistent selling pressure, which results in the moving average crossing continuing to widen.
EURCHF 4hrs chart; we anticipate that the price will swing high in order to retest the 0.99490 key zone before there is an opportunity for further expansion. More selling orders will be opened for sell traders in order to flood the market, which will create space for further expansion. So, traders should watch for a retracement before the trend of selling starts.
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