EURCHF Analysis – Sellers Are Trading Back Into the Consolidation Phase
EURCHF prices retreat into consolidation. The currency pair has been maintaining a streak of consolidation for a while. The price has been ranging closely between the psychological levels of 1.00410 and 0.98550. This consolidation is a positive sign for traders, as it allows them to take advantage of the range-bound market. The technical analysis of the EURCHF currency pair shows that sellers are causing a retreat back to the lower trading zone. The buyers have been slack at breaking above the 1.00410 key zone. This means that the EURCHF price is more likely to range for a while unless selling pressure can break down beyond the 0.98550 key level.
EURCHF Key Levels
Resistance Levels: 1.02430, 1.00410
Support Levels: 0.98550, 0.96800
The bulls have been doing a great job in the last quarter of 2022, and it looks like they are going to keep up the momentum. After a period of selling momentum that drove the price down to the 0.94930 key zone, the buyers have been fighting back and pushing the price back up. Now, the price moment is consolidating, and the MACD (Moving Average Convergence and Divergence) bullish histogram is still building despite the sellers’ retreat. This is a great sign for the bulls, as it shows that they are still in control of the market. The buyers have been able to maintain their momentum despite the sellers’ attempts to push the price down.
The EURCHF currency pair is in a consolidation phase and is likely to remain in this range-bound market for a while. This is a great opportunity for traders to take advantage of the range-bound market and capitalize on the price movements.
It should be noted that the EURCHF price is still in a range and that there is potential for a breakout in either direction. However, given the current market conditions, it is more likely that the price will remain in consolidation for the foreseeable future. Traders should be aware of the key levels and be prepared to act quickly if either of the levels is breached.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.