EURCHF Analysis – Sellers Are Still Mustering Force Lower
EURCHF sellers continue to trim price strength beyond the 0.98850 key zone. The sellers are currently dominating the market, causing a major downward trend in price. Last week, the bulls were in control, but they were unable to push the market further toward parity. The sellers have now taken over and are causing the price to drop below the key level of 0.98850. This sudden shift in market presence indicates strong bearish momentum, which is expected to continue in the coming days. Traders should be prepared for more selling moments in price as more sellers enter the market. The concrete trend market that was observed above the key zone is now below it, and the bears are expected to dive even lower.
EURCHF Key Zones
Resistance Zones: 1.00290, 0.98850
Support Zones: 0.96810, 0.95090
The EURCHF market experienced a short breakthrough at the beginning of the year, as indicated by the Bollinger Band. However, since then, the market has been trending lower, with buyers being rejected near the 1.00290 key zone. This has resulted in a bearish fallout on the daily chart. Despite buyers’ attempts to play the price forward, sellers continue to push it lower toward the trend zone.
Currently, the price is trading below the 0.98850 marker level, indicating a high likelihood of it trading down to the trend zone. Additionally, the Stochastic Oscillator is overbought, suggesting that sellers are still looking for more selling opportunities. Overall, the EURCHF market has been experiencing a bearish trend, with sellers dominating the market. Buyers have been unsuccessful in pushing the price up, resulting in a potential further drop toward the trend zone.
On the 4-hour chart for the EURCHF price, the price Oscillator has recently crossed over to the negative region. This indicates that sellers are now in control, and traders should be aware of the potential for more selling progression. It is important to monitor the situation closely and make informed decisions based on the market conditions.
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