Bears Retain Control as EURCHF Breaks Below the Most Recent Support Zone

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EURCHF Price Analysis – November 30

Bears retain control as EURCHF plunges below the latest support setup at 1.04450. Having successfully navigated the last support setup at 1.05400, the market speedily dropped below the next critical level and touched down at 1.04450, where purchasers set up another barricade to control the market’s drop. As in times past, EURCHF accumulated above the zone for some days and punched through the setup to retain bearish momentum.

EURCHF Key Zones

Resistance Zones: 1.09890, 1.09320, 1.08360
Support Zones: 1.07010, 1.05400, 1.04550

EURCHF Long Term Trend: Bearish

EURCHF bearish regime started after the price dropped below the 1.09890 significant level. On the other hand, the bulls attempted to intercept the setup at 1.07010 but failed to sustain the break above the 1.09320 resistance level. The market has since progressed downward even more steeply. Purchasers have also popped up to divert the bearish flow of the market with another support setup at 1.07010 and 1.05400, but they have failed at each instance.

The latest endeavor to deter the Bears comes at 1.05400 and this causes a hold at this level for some days, so much so that the Parabolic SAR (Stop and Reverse) switched its dots below the daily candle to signal a reversal movement. However, the EFI (Elders Force Index), which has plunged to a negative value since the 29th of September, retains its position. Bears eventually seized back control and dropped below the zone.

EURCHF Short Term Trend: Bullish

In the short term, having dropped below the support setup to the 1.04170 significant level, there is currently some upward movement as price leverages on the confluence with the midline of the descending channel. The Parabolic SAR has switched the dots below the 4-hours candles to that effect, while the EFI has clawed to the zero level, showing some bullish endeavors in the market.
In the short term, EURCHF could rise to the upper border of the descending channel, but bears retain control overall at the moment.

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