EURCHF Analysis – Bearish Flow Could Hit Back at the 0.97390 Key Zone
EURCHF could warp up price tendencies with a bearish flow. The bear market looks forward to mounting bearish strength on the currency pair. The year is already closing out, as traders are now taking stock of their trades throughout the season. Both buyers and sellers in their primes this year were able to dominate across the board. As we speak, the sellers still hold the fighting power on the EURCHF. The market appears to be silent as we expect bearish action to play out. The Bollinger Band indicator has been compounding price momentum. So, therefore, the new year may eventually open up with a selling tendency.
EURCHF Key Zones
Resistance Zones: 1.05170, 0.99580
Support Zones: 0.97390, 0.94970
The market has been making a concurrent trade following the bullish escape to the 0.99680 key zone. The buyers have been unable to push the market higher. However, the price moment has been building up, indicating that a turnaround is on the way. The buyers made a flyout from the 0.94970 key zone after the end of the bearish display. The bears have certainly played out their strength right at the beginning of 2022. The sellers spread out after swinging lower from the trend line channel.
This explains the market’s breakout through numerous key zones. Until October 2022, the sell traders continue to open up their volume. As we speak, the price is currently wagging against buyers’ trade. There could be a downturn in the market. The Stochastic Oscillator shows a market crossover moment at the middle level. This is an indicator of a bearish ride.
Both traders are constantly fighting back on the market. This however explains the reason for the accumulation on the daily chart also. The 4hr chart shows buyers still making a comeback as sell traders plan to go back to the 0.97390 key zone.
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