Bears Retain Control as EURCHF Breaks Below the Latest Support Zone
Login

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

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

Bears retain control as EURCHF 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.

Bears retain control as EURCHF 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.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade 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.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News