Price Analysis: EURCHF Price Retraces Despite the Bearish Breakdown
EURCHF price retraces despite the bearish breakdown. The selling tendency has been subjected to a lot of bearish tension. The daily chart currently shows bearish elongation. The value of the Swissy market has broken below 0.99500 key levels with the Parabolic SAR (Stop and Reverse) indicator pointing to a bearish stance. A selling trend is now anticipated to continue anyways.
EURCHF Market Levels
Resistance Levels: 1.05090, 1.03880,
Support Levels: 1.01770, 0.99500
EURCHF buyers caused a pool run from the 1.01770 key zone in May 2022. It led the value to rally forward until it eventually hit a strong demand zone at the 1.05090 key level. The sellers grabbed control of the price below the 1.05090 critical zone because of the high resistance composition. What followed was a drop in the market value that hit beyond the 1.03880 key zone.
As the Swiss franc market returns to the 1.05090 critical level, bullish strength was established not once but twice before a substantial bearish slide took place. A significant number of sellers were selling short, and the EURCHF initially broke through the significant point of 1.01770 before riding with additional impetus. Bearish sentiment, however, has remained below the 0.99500 critical level. Before there can be any further adverse displacement, the buyers are planning to maintain the price level back to the key level of 0.9950. On the daily chart, the Parabolic SAR (Stop and Reversal) indicator is still indicating a downward trend.
EURCHF Price Expectation
Following several days of selling, the buyers are looking for a retracement in the price. The price of the EURCHF is expected to reach a lower high close to the key level of 0.99550. The Money Flow indicator reveals that a price signal has reached the point where it is about to cross into the buyers’ region. It is predicted that more will fall short after the retracement.
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