EURCHF Slumps Towards a Major Demand Level

EURCHF Analysis – The Market Slumps Towards a Major Demand Level

EURCHF slumps towards a major demand level at $0.960. The price of EURCHF has dived rapidly since the last test of the supply level at $1.050.

EURCHF Major Levels

Supply levels: $1.110, $1.050
Demand levels: $1.070, $0.960

EURCHF rose to its supply level at $1.110. during March. The bears stepped in and engaged the market heavily at $1.110. The Parabolic SAR (Stop and Reverse) formed the majority of its points above the daily candles, showing the bearish shift in the market. There was a temporary halt to the bearish move at $1.070. The bulls attempted to rise with the demand level but failed after reaching the resisting trend line. The market purged heavily upon striking the resistance trend line.

A double top formed at $1.050. The market dived after the break of the double top’s neckline. The market created higher lows and Lower highs. A symmetrical triangle was formed at $1.050. There was a bearish breakout upon the third test of the $1.050 demand level. The market has purged heavily, clearing multiple lows that led to the supply level. The market is still crashing towards the demand level at $0.960. The momentum indicator shows a rise in momentum as the price continues to sink.

Market Expectation

The market is currently diving into a bearish parallel channel. The channel has served as resistance and support to guide the price action towards the demand level. The market is expected to reach the long-term low at $0.960.

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